Short Sale HELP!
Lyon Real Estate
Cameron Park Office
Current Homeowners Can Avoid Foreclosure with a HAFA Short Sale. Typically in a short sale, a homeowner in trouble may sell their home for less than their current mortgage. Sadly, many homeowners do not realize that their lender can still come after them for the remaining debt after the home is sold. The US Treasury & HUD have come together to help create the HAFA (Home Affordable Foreclosure Alternative) Program. It is a partnership with the federal government and a majority of the nation's mortgage lenders to help distressed borrowers keep their homes with a loan modification or avoid foreclosure via a short sale.
Unfortunately, not all distressed homeowners can qualify for a loan modification or refinance. A HAFA short sale is the next step once you have been declined a modification or refinance. It allows a graceful exit to homeowners in trouble and avoids foreclosure of your home - a big advantage for your credit. In a HAFA short sale, the unpaid mortgage balance is forgiven by the lender. Your lender cannot receive a deficiency judgment after a HAFA short sale and go after the remaining debt. Also with a HAFA short sale, a homeowner can receive $3000 in relocation assistance to help make the transition to a new residence.
Don't give up! See if you are eligible for these goverment programs.