SHORT SALES WITH HAFA: DEFICIENCY JUDGMENT.. NOT SO SCARY ANYMORE

Reblogger June Piper-Brandon
Real Estate Agent with Long & Foster Hampden MD RE License 579412

Short sales are often confusing and scary for home owners who are in danger of foreclosure.  HAFA should make that better for everyone.

If you are thinking of renting, buying or selling a home give me a call today and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling.  You can save thousands by listing your home with Advance Realty Anne Arundel Inc..  If you are considering buying a home, there is no better time than now to buy.  The tax savings and wealth building a lone is worth the plunge into todays market.

In keeping with saluting our heroes, during 2010 Advance Realty Anne Arundel Inc is continuing to waive the  administrative fees for active duty military, retired military and the families of fallen military, as well as policemen, firemen and emt's.  If you enter into a contract by the New Year's eve Advance Realty Anne Arundel Inc. will waive the admin fee at settlement.  This is a $350 savings.  If you are thinking about buying or selling a home give Advance Realty Anne Arundel a call and receive full service real estate assistance from an experienced agent.  Our office is open 7 days a week and we can be reached at 410-761-1550.

June Piper-Brandon, Broker - Advance Realty Anne Arundel Inc.

Original content by Fernando Herboso - Broker for Maxus Realty Group Broker - Realtor - CEO

SHORT SALES WITH HAFA:  DEFICIENCY JUDGMENT.. NOT SO SCARY ANYMORE

HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM HAS BEEN IMPLEMENTED TO ASSIST HOMEOWNERS IN DISTRESS.

short sales maryland Home Affordable Foreclosure Alternative

The HAFA Program became effective April 5th 2010, servicers may participate immediately, or as soon as is practical. 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 . . 

To find out if you qualify under the HAFA program
With HAFA, the homeowner is also entitled to a $3,000 relocation costs 

Find out if your bank is participating in the HAFA PROGRAM here.

HAFA is for you when you simply can not afford your house anymore and a foreclosure is eminent
.

"Maryland and Virginia Homeowners could benefit with the new HAFA Program"

 

short sales maryland

In case you are wondering. .
What is the difference between a foreclosure and a short sale using the HAFA Program?

In a short sale with HAFA you SELL YOUR HOUSE and you owe the lender nothing!

In a Foreclosure.YOU LOSE IT ! and you get a deficiency judgment filed against you*

 

short sales maryland

 

Click on my eBook about Short Sales to have a clearer vision if you could use a SHORT SALE in order to begin a new fresh start.. .you must have a hardship to qualify.

Fernando Herboso is a Certified Distressed Property Expert

 

Short Sales Maryland
and also a Gold Member Certified Default Resolution SpecialistTM with (CDRS)

 

 

short sales specialist
short sales specialist md
You can call (Fernando Herboso) directly @ 240-898-1848 ext #1 or email : Fernando@Herboso.com

 


We can help you directly in Maryland, DC or Virginia

 

If outside our area. ..we can guide you to a local true professional that cares and loves helping people avoid

foreclosure as much as we do!

Just give us a call or email to Fernando@Herboso.com

short sales maryland

 

Short Sales Maryland , DC and Virginia

 

 

 


foreclosures

In a quest to stop homeowners operate under  “powerful moral constraint” while lenders are 
busily trying to maximize profits with bailouts making decisions under “sound economic steps” 

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Rainmaker
637,761
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

The problem is finding a lender who will participate.  I haven't been able to get any of them to work in this program yet, but I am not down for the count yet. 

Apr 10, 2010 12:43 AM #1
Rainer
14,818
Brent Bosanek
Brent Bosanek GRI, CDPE (Coldwell Banker Associated Brokers) - Yuba City, CA
GRI, CDPE

I hope this helps the Short Sale problems.

Apr 10, 2010 12:49 AM #2
Rainmaker
4,041,863
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I understand that all short sales will not work for this program, maybe only 40% of the loans??    Wish it would be a higher percentage!

Apr 10, 2010 12:49 AM #3
Rainmaker
1,079,273
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

June, thanks for re-blogging this. There are new rules and programs coming out so fast, without a place like AR I don't know how people keep up!

Apr 15, 2010 12:24 PM #4
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Rainmaker
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June Piper-Brandon

Piecing Dreams One Home at a Time
Take the next step in home ownership now
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