For the month of May 2011, Herboso & Associates will post one post per day highlighting the reasons why you should do a short sale before you lose your property to a foreclosure.
31 Reasons WHY
YOU SHOULD DO A SHORT SALE BEFORE
ALLOWING A FORECLOSURE IN YOUR PROPERTY
Day #5 --Reason #5
Do a HAFA Short Sale!
HAFA stsnds for: Home Affordable Foreclosure Alternative
The HAFA Program became effective April 5th 2010, most servicers may participate . The primary options available through HAFA include Short Sale and Deed-in-Lieu of Foreclosure.
With HAFA. . .
Lenders will not pursue a deficiency judgment for the shorted amount.
Your home is worth $300,000 and sell it as a SHORT SALE with HAFA . .
PROBLEM: . . .but your Mortgage is $500,000!!!!
There is a $200,000 difference between the two. . .that is the shorted amount that could become a DEFICIENCY JUDGMENT AGAINST THE HOMEOWNER
Lenders before HAFA have reluctantly agreed in a case by case basis to remove this shorted amount after a short sale.
With HAFA, now Lenders have agreed 100% NOT TO PURSUE A DEFICIENCY JUDGMENT AGAINST THE HOMEOWNER
In another words, you are not losing your home, you simply selling it and BREAKING EVEN!
The real definition is:
A deficiency is the difference between the fair market value of the property and the amount received, providing the amount received is less than the amount owed.
This applies specifically for my State of Maryland.
Some other States are exempt from deficiency judgments . .
Caveat: Use an expereinced realtor to do a HAFA Short Sale. . .plenty of homeowners are doing short sales and NOT taking advantage of this wonderful program.
"Government and Bank Approved Programs Available to Those Who Act"
The Realtor’s Realtor:
The biggest compliment I can have is when colleagues ( other Realtors) call on us to do their OWN short sales. . yes, we helped other Realtors avoid foreclosure as well
- Day #1 Commissions in a short sale. .who pays them?
- Day #2 How does a short sale affects my credit?
- Day #3 What about the deficiency judgment?
- Day #4 No EXPENSES to repair your home before selling!
- Day #5 The HAFA Short Sale Is The Way To GO!
- Day #6 The Relief From Your Lender and IRS
- Day #7 Breaking Out Of A Prison Called Home
- Day #8 The Peace of mind you get after a short sale
- Day #9 Giving Up and Throwing the Towel when a short sale could be your salvation
- Day #10 The Foreclosures that occur because of short sales
- Day #11 It Buys you TIME. . a short sale buys you time
- Day #12 A Short Sale Spells RELIEF. . you can sleep again!
- Day# 13 Avoiding The Dreaded ";F"; word. . .FORECLOSURE
- Day #14 A short sale could save your job if you are a Government employee
- Day #15 Your neighborhood NEEDS YOU. .do a Short Sale!
- Day #16 Do you have a foreclosure on your record? Standard question when applying
- Day #17 Chase Bank will NOT CHASE YOU after a short sale
- Day #18 Avoiding the DOUBLE WHAMMY . .FORECLOSURE AND BANKRUPTCY
- Day #19 It Prevents From Losing The American Dream
- Day #20 You don't face 17 years being with an underwater mortgage
- Day #21 Family first!. .A short sales benefits the quality of your family
- Day #22 The Closure and Satisfaction When You and I close a Short Sale
- Day #23 Avoid Your Lender PHONE CALLS When You Are Behind On Your Mortgage
- Day #24 A short sales benefits the homeowner more than the lender
- Day #25 Short Sales Judgments vs. Foreclosure Judgments
- Day #26 A $3000 gift to you
- Day #27 Are you a homeowner. . . .or just a mortgage owner?
- Day #28 Why Do A Short Sale? . . BECAUSE YOU CAN!
- Day #29 The renting process after a short sale. . .SCARY?
- Day #30 The benefits in choosing the right agent
- Day #31 The Roller Coaster Ride of a Short Sale
Maryland Short Sales Realtor
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