Short Sale Help Coming Soon, Vancouver WA

Real Estate Agent with John L. Scott Real Estate

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.

Comments (3)

Amanda Wilson
EWM International Realtors, Inc. - Fort Lauderdale, FL
Real Estate Advisor

Isabel...I'll have to wait and see on this one....

Mar 02, 2010 08:26 AM
Isabel Da Costa
John L. Scott Real Estate - Camas, WA

Headed to Vegas for the FiveStar Short Sale Summit. Will get the rest of the scoop from Fannie Mae and other major players.

Mar 02, 2010 08:32 AM
Eileen Liles
970-216-0530 - Cedaredge, CO
Macht-Liles Real Estate Group - Cedaredge, CO

Isabel, just read part of this 43 page document yesterday.  My first thoughts are that the seller will have to make a decision and if they stump their toe, they have already signed over the DIL and it just makes it much easier for the bank to get the property back.  Be sure and let us know what you learn in Vegas....have a little fun too!

Mar 02, 2010 09:36 AM