Short Sales can make any one's head spin, a number of buyer's and Realtors avoid them. How can you blame them? Things are about to change for the better...who would ever think that a lender has 10 days to respond to a Short Sale? Change is coming and it's coming soon as early as April 2010.
Under the HAFA program (Home Affordable Foreclosure Alternatives) to entice servicers to accept a sale on defaulted properties for less than the outstanding mortgage balance, Treasury is offering incentive payments of 1,000.00 per completed Short Sale. Servicers will receive 1,000.00 for each deed in lieu of foreclosure. Under the terms of the program, once a servicer determines a homeowner does not qualify for a modification, the servicer has a 10 day window in which the borrower must be considered for the HAFA program. The guidelines also include $1,500 for relocation expenses for the borrower.
The goal of this program is to help all parties involved and avoid Foreclosure. If you are a distressed seller work with a "Short Sale Specialist" that has your best interests at heart and that will not charge you anything for their services in helping you Short Sale your Home.
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