Atlanta and College Park Short Sale Specialist
Short Sale Your Home And Get Up To $5,000 For Moving Expenses. Avoid Foreclosure
Who Qualifies for a Short Sale
The following situations will help you determine in most cases if you qualify for a short sale:
1. Underwater - If you owe more than your home can sell for, this means you are "underwater" or "upside down." If you purchased your home after 2004, this is most likely the case. If you decided to sell the property and would have to contribute hundreds of thousands of dollars, this can be the cause for a short sale.
2. Financial Hardship - Having a financial hardship will or has caused you to miss payments. Listed below are examples of hardships:
1. Mortgage adjustment
2. Job loss or curtailment of employment
3. Failed business
4. Excessive debt
5. You owe more on the property than fair market value
3. Monthly Expenses Exceed Income - The bank will require that you demonstrate your financial hardship. The income and liability worksheet in the Forms section of the Web site will help you calculate your monthly shortfall.
4. Insolvency - The bank will want to see that you don't have the cash to pay down your mortgage. This type of insolvency will help with the ability to short sell.
You can use our free tools to determine if a short sale is feasible and right for you. Answer these questions after you have completed your research:
• Have comparable homes in your zip code sold for less than your mortgage balance? If so, you are a good candidate for a short sale. Are there ten or more homes in any foreclosure category in your zip code? If so, then you are probably a good candidate for a short sale.
• Check the foreclosure law section for your state. Does your state allow a lender to take a deficiency judgment? If so, you should pursue a short sale to save yourself from further economic damage, beyond the loss of your home at sheriffs’ sale.
• Do you have limited savings excluding retirement accounts? If so, you may be a good candidate for a short sale.
• Has your income recently declined? If yes you may be a good candidate for a short sale.
You now know if you qualify for a short sale. If you do, Contact Rayford & Company for a free initial evaluation:
Short Sales Get Shorter: New Deadlines to go into Effect
WWW.ATLANTASHORTSELLEXPERTS.COM
As part of a settlement with state attorneys general, the five largest mortgage servicers are adopting new requirements for short sales, which is expected to speed-up what has been known as a lengthy process.
Here are some of the new requirements for servicers under the settlement:
• Servicers must provide borrowers with a decision within 30 days after receiving a short sale package request.
• Servicers will be required to notify a borrower, also within 30 days, if any necessary documents are missing to process the short sale request.
• Servicers must notify a borrower immediately if a deficiency payment is needed to approve the short sale. They also must provide an estimated amount for the deficiency payment needed for the short sale.
• Servicers are also required to form an internal group to review all short sale requests.
• Banks will be considered in violation of the settlement requirements if they take longer than 30 days on more than 10 percent of the short sale requests. Violations can carry fines of up to $1 million and $5 million for repeat offenses.
"If a real estate broker can get a checklist from the bank detailing what documentation is needed, everything can be provided up front, and the bank will be required to give a thumbs-up or a thumbs-down within 30 days,” short sale specialist Chris Hanson with the Hanson Law Firm told HousingWire. “That's not a bad deal.”
Over one hundred mortgage companies have agreed to participate in the HAFA Program. Below is a list of the major mortgage lenders and servicers that are participating in the HAFA Program. In addition, all mortgage companies with loans owned by Fannie Mae and Freddie Mac are required to participate.
Home Affordable Foreclosure Alternatives (HAFA) ends December 2012.
• American Home Mortgage Servicing, Inc. (AHMSI)
• AMS Servicing, LLC
• American Servicing Company (ASC) *Wells Fargo
• Aurora Loan Services
• Bank of America *Countrywide
• CitiMortgage
• EMC Mortgage *JP Morgan Chase
• GMAC Mortgage
• HomeEq Servicing
• Litton Loan Servicing
• National City Bank *PNC
• Nationstar Mortgage
• Ocwen Financial
• OneWest Bank *IndyMac
• PNC Bank
• Saxon Mortgage
• Select Portfolio Servicing (SPS)
• U.S. Bank
• Wachovia *Wells Fargo
The Home Affordable Foreclosure Alternative (HAFA) is sponsored by the federal government that helps individuals and families who are experiencing difficulty in selling their homes. In conjunction with the Home Affordable Modification Program (HAMP), HAFA was initiated on November 30, 2009 by the U.S. Treasury Department under the Obama Administration with the goal of revitalizing the housing market.
The Home Affordable Foreclosure Alternative (HAFA) ends December 2012.
• Must be your primary residence
• Less than $729,000 on 1st mortgage only/2nd loans okay
• Loan originated before Jan. 1st, 2009
• Must have a financial hardship (i.e. job loss, reduced income, divorce, etc.)
• Mortgage including taxes & insurance must be over 31% of borrower monthly gross
Benefits of the HAFA program
• NO cost to you; the lender pays the realtor's commission and all fees
• $3,000.00 to $5,000 to you at closing for moving expenses under HAFA
• Short sale approval in advance: No existing buyer or offer required to apply.
• Lenders required to release all deficencies
• The best possible outcome for you the borrower
• A better option when facing foreclosure, deed in lieu or bankruptcy, which can affect your credit for 7-10 years
• Our National Real Estate Agent Network comprised of local, qualified, experienced FIVE STAR CERTIFIED Certified Professionals
• Automatic Deed of Lieu if your property does not sell
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