You Deserve A Fresh Start!

The real estate market has seen better days.  You know that, because there’s a good chance you purchased your home during one of those better days.  And now you’re drastically underwater, stressed, maybe embarrassed, maybe waiting for your mortgage rate to adjust, and probably wishing for a way out of a bad situation.  Unfortunately, wishing upon a star is probably not going to work for you this time around.  Every day good people have their homes foreclosed on because they didn’t ask for help.  Why? Who knows!  Maybe because of all the negative feelings already mentioned.

Let me the first to tell you your feelings are legitimate.  Facing foreclosure is scary, and feeling financially inadequate in comparison to your peers can be embarrassing.  But the truth of the matter is foreclosure is often avoidable, and many of those people who seem like they have it all together are struggling just as much as you are.  The economic climate in which we’re living has created dire straits for thousands of individuals and families across the country.  Unemployment and underemployment are both at an all time high, while prices of basic necessities like groceries and gas are skyrocketing.

If you’re upside down in your home, and your mortgage payments are getting to be too much to handle, you have options.  Don’t let your home end up in foreclosure as a result of your not asking for help.  Below you’ll see a brief comparison of the effects a foreclosure could have on you personally, versus those of a successful short sale.

If this scenario sounds familiar, let me be the one to help you.  Not all agents are created equal.  I have been Short Sale Certified by the Five Star Institute- one of the industry’s leading education organizations.  I am also Lyon Certified Short Sale Specialist.  Additionally, I am a Certified CHS HAFA Specialist by Asset Plan USA and the California Association of Realtors.

Call me today to discuss your unique situation.  Even if we don’t do business together now, you will benefit from my experience.  From the first time home buyer to the savvy investor – from the seller with equity to the seller underwater and needing options – I am here for you.


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HAFA Short Sale Quick Facts

Home Affordable Foreclosure Alternatives (HAFA) Program

If your mortgage payment is unaffordable and you are interested in transitioning to more affordable housing, you may be eligible for a short sale or deed-in-lieu of foreclosure through HAFA. one of the benefits of a HAFA short sale is that it requires your lender accept the short sale as full settlement of your debt- meaning you cannot later be held responsible for the difference between what you owe on your mortgage and the amount that your home sells for. You will also receive $3,000 in relocation assistance upon successful closing of your short sale.  Perhaps the most exciting benefit of a HAFA short sale is that you can apply for a pre-approved short sale before even putting your home on the market- making your property much more appealing to buyers and your transaction much simpler to close in a timely manner.

In a short sale, the servicer allows you to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage. With a deed-in-lieu of foreclosure, you voluntarily transfer ownership of your property to the servicer— provided the title is free and clear of mortgages, liens, and encumbrances. Generally, if you make a good faith effort to sell your property but are not successful, a servicer may consider a deed-in-lieu of foreclosure.

Eligibility

You may be eligible to apply if you meet all of the following:

  • You live in the home or have lived there in the last 12 months.
  • You have a documented financial hardship.
  • You have not purchased a new house within the last 12 months.
  • Your first mortgage is less than $729,750.
  • You obtained your mortgage on or before January 1, 2009.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

It’s important to note that while the government has created this program, it cannot mandate that third party financial institutions or investors be forced to accept a short sale under its guidelines.  Fannie Mae and Freddie Mac are participating lenders- meaning they will accept a HAFA short sale.  It is in your best interest for your Realtor to assist you in researching your investors to ensure that your loan’s investors are willing to participate in the HAFA Program before going through the application process.

If you have any questions about whether or not you may be able to benefit from HAFA, feel free to call me and arrange a meeting for us to go over your unique financial situation.  From the first time home buyer to the savvy investor – from the seller with equity to the seller underwater and needing options – I am here for you.