Some of the highlights of the program:
- Allows borrowers to receive pre-approved short sale terms before listing the property.
- Requires borrowers to be fully released from future liability for the first mortgage debt and, if the subordinate lien holder receives an incentive under HAFA, that debt as well (no cash contribution, promissory note, or deficiency judgment is allowed).
- Uses a standard process, uniform documents, and timeframes/deadlines.
- Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to a $1,000 match for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders.
- Allows at least 120 days to sell the home (extensions permitted up to one year)
- Within 10 business days the lender must approve or deny the offer!!!!
If you are facing a foreclosure or are behind in your payments the important thing to realize is that YOU HAVE OPTIONS. Short Sales are less harmful to your credit and allow you to sell you home respectfully with a "SOLD" sign in the front yard!!! Please contact me if you have any questions.
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