A short sale is something that people are just beginning to learn about and actually using to prevent foreclosure.
Knowing that you're about to lose your house is never a nice feeling.
Even simply thinking about what you might have to do and when can be extremely daunting.
However, that's where short selling comes in the picture.
Selling your home can be made easier on you if you work closely with an experienced Certified Short Sale and trustworthy realtor.
It can be a very challenging time for you and your whole family, so the least you can do is try to make transactions go as smooth and quick as possible.
So how does a short sale benefit you, the homeowner? First of all, it alleviates the stress of being pressured by the mortgage lender and being in foreclosure.
Short selling enables you to eliminate a massive mortgage payment so that you can move on with your life.
It helps both you and the lender settle on a lesser payment that is owed to the loan - it makes everyone happy since you won't be burdened by a huge amount that you feel you will never be able to pay off, and the other party can at least get paid right away based on the amount agreed upon.
Short selling also avoids extra damage to your credit.
A foreclosure and late payments are likely already affecting your credit anyway.
A completed foreclosure is more probably going to affect your credit score in a negative way.
When you short sell, the mortgage will be paid off, and this will be a positive indication in contrast to a foreclosure.
Also, it is good to know that short selling is generally not a break in the bank and you can even find free assistance from the HAFA program.
Are You Qualified? The HAFA, otherwise known as the Home Affordable Foreclosure Alternatives, was implemented on April 5, 2010.
This program was made to assist homeowners who are unable to regain their home under the HAMP or Home Affordable Modification Program.
HAFA works by giving incentives in association with a deed-in-lieu of foreclosure or short selling utilized to prevent foreclosure.
The main goal is to simplify the process of paying off your mortgage.
To qualify, you must meet the fundamental eligibility standards for HAMP.
For one, your home should be your main residence and the first lien must have originated prior to the year 2009.
Your unpaid principal balance should not exceed $729,750, where there are higher limits for 2 to 4 unit residences.
Your whole monthly payment should be over 31 percent of gross income and default is reasonably expected or your mortgage should be delinquent.
Generally, you must show that you're going through tough times in which you're unable to pay off the due amount upon sale by submitting a letter of hardship.
You aren't alone when it comes to facing a foreclosure.
That is what short selling and the HAFA program is for.
A short sale can help you tremendously in making the whole process quicker and less painful.
Knowing that you're about to lose your house is never a nice feeling.
Even simply thinking about what you might have to do and when can be extremely daunting.
However, that's where short selling comes in the picture.
Selling your home can be made easier on you if you work closely with an experienced Certified Short Sale and trustworthy realtor.
It can be a very challenging time for you and your whole family, so the least you can do is try to make transactions go as smooth and quick as possible.
So how does a short sale benefit you, the homeowner? First of all, it alleviates the stress of being pressured by the mortgage lender and being in foreclosure.
Short selling enables you to eliminate a massive mortgage payment so that you can move on with your life.
It helps both you and the lender settle on a lesser payment that is owed to the loan - it makes everyone happy since you won't be burdened by a huge amount that you feel you will never be able to pay off, and the other party can at least get paid right away based on the amount agreed upon.
Short selling also avoids extra damage to your credit.
A foreclosure and late payments are likely already affecting your credit anyway.
A completed foreclosure is more probably going to affect your credit score in a negative way.
When you short sell, the mortgage will be paid off, and this will be a positive indication in contrast to a foreclosure.
Also, it is good to know that short selling is generally not a break in the bank and you can even find free assistance from the HAFA program.
Are You Qualified? The HAFA, otherwise known as the Home Affordable Foreclosure Alternatives, was implemented on April 5, 2010.
This program was made to assist homeowners who are unable to regain their home under the HAMP or Home Affordable Modification Program.
HAFA works by giving incentives in association with a deed-in-lieu of foreclosure or short selling utilized to prevent foreclosure.
The main goal is to simplify the process of paying off your mortgage.
To qualify, you must meet the fundamental eligibility standards for HAMP.
For one, your home should be your main residence and the first lien must have originated prior to the year 2009.
Your unpaid principal balance should not exceed $729,750, where there are higher limits for 2 to 4 unit residences.
Your whole monthly payment should be over 31 percent of gross income and default is reasonably expected or your mortgage should be delinquent.
Generally, you must show that you're going through tough times in which you're unable to pay off the due amount upon sale by submitting a letter of hardship.
You aren't alone when it comes to facing a foreclosure.
That is what short selling and the HAFA program is for.
A short sale can help you tremendously in making the whole process quicker and less painful.
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