Finally Short Sale help Program
This is great news for sellers and buyers, now you can see the light! You don’t have to stay in you home by” strategically defaulting “.
You can get on with you life , go through the Mod (modification) or short sale your home and before you know it you will be purchasing a home again. (it’s a cycle)
Fed housing program encourages short sales
who does it help!
- Sellers
- Real Estate Associates
- Attorneys assist clients for DEED IN LIEU OF FORECLOSURE
Program is Called HAFA – Home Affordable Foreclosure Alternatives Program
- Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
- Prohibits servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).
- Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed.)
- Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicer’s to cover administrative and processing costs; and up to $1,000 for investors.
WHEN? April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on Dec. 31, 2012.
Like all government programs, they are here to help all of us. But may not be the easiest to understand so Contact a professional for help.
you can also visit: https://www.hmpadmin.com/portal/docs/news/hampupdate113009.pdf
