If you or someone you know has had a hardship because of loss of job,divorce etc. If they are struggling to make payments and are in need of help call me today. I can help you short sale your home and stop the foreclosure process.

Here are the new guidelines , the government has changed in order to assist borrowers by helping them short sale their homes and prevent the foreclosure process.

Home Affordable Foreclosure Alternatives Program

HAFA is a program primarily designed for homeowners who are unable to stay in their home even with a loan modification under the Home Affordable Modification Program (HAMP). Under HAFA, homeowners may be able to avoid a foreclosure by selling the home as a “short sale” (where the value of the home is less than the remaining amount of the mortgage) or by transferring title to the lender through a process called a “deed-in-lieu of foreclosure.”

HAFA GUIDELINES:

Complements HAMP( Home Affordable Modification Program)by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.

 Borrower must submit financial and hardship information. If not already collected under HAMP.

Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds and acceptable closing costs).

Requires borrowers to be fully released from future liability for the first mortgage debt and, if the subordinate lien holders receive an incentive under HAFA, those debts as well (no cash contribution, promissory note, or deficiency judgment is allowed).

Uses a standard process, uniform documents, and deadlines.

Provides financial incentives: $3,000 for borrower relocation assistance; $1,500 for mortgage servicers to cover administrative and processing costs; and up to a $2,000 match for mortgage investors for allowing a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders (up to 6 percent of the remaining balance of each junior lien).

The program sunsets on December 31, 2012.

This is a complicated situation and you need a professional that knows the process. We have partnered with Attorneys Mandel and Perkins in Coral Springs to make the process faster and negotiate on your behalf.

We will explain the short sale process to you and inform you of the impact on your credit, new government guidelines  and benefits for those Short Selling their primary homes and/or investment properties.

Call me 954-905-1462 or email me [email protected]  

This information courtesy of  http://www.realtor.org/government_affairs/short_sales_hafa