The Home Affordable Foreclosure Alternatives Program offers financial incentive for completing a short sale and deed in lieu transactions.
Short sales are favored by real estate agents and community groups over foreclosure because they can preserve the borrower's credit rating and leave the property in better condition than when a homeowner is evicted. While primary lenders typically realize steep losses, their recovery is typically far better than under foreclosure.
To Qualify for this program:
The property must be the homeowner’s principal residence.
he home owner must be delinquent on the mortgage or close to defaulting.
The loan was made before Jan. 1 this year and is less than $729,750
The borrowers total monthly mortgage payment must exceed 31% of their before-tax income
The New Rules Verses the Old:
This is a step forward in the Short Sale market. This will give buyers less time to wait for lender approval from the time they sign the contract and make Short Sales more attractive to potential buyers.
Strict Deadlines
Standardized Paperwork
$1000 to mortgage servicing companies for administrative costs
$1500.00 relocation expense to the seller for selling their home for less than the amount of their mortgage
Up to $3000 towards paying subordinate lien holder to release their lien.
A minimum of 90 days up to 1 year to market and sell the property will be allowed
No foreclosure may occur during the marketing period specified in the short sale agreement.
For participating in Foreclosure Alternatives the Mortgage service's may not charge fees to borrowers
Mortgage service's may not lower real estate agent commissions after an offer has been received
Borrowers who complete a short sale under the program must be “fully released” from future liability for the debt, according to the guidelines.
What does this mean for you?
Right now I know "NOW MORE THAN EVER BEFORE THIS IS THE BEST TIME TO BEING DOING SHORT SALES!:
This is a win, win, win situation all around.
Homeowners and Banks are being helped out.
Investors and Agents have the opportunity now more than ever to make a fortune right now in Short Sales.
How would you like to be cashing in on this? You can!
Come spend 3 days in Orlando, Fl January 29-31, 2010 at my 3 Days Live Short Sale Training Event and you’ll never look back.
Find out how to make your fortune right Here!
How would you like to be cashing in on this? You can!
Come spend 3 days in Orlando, Fl January 29-31, 2010 at my 3 Days Live Short Sale Training Event and you’ll never look back.
Find out how Right Here!
Hunter
407-772-2274
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