Fountain Hills Arizona Short Sale Expert - Fountain Hills HAFA short sale specialist - Fountain Hills Listing Agent - HAFA & HAMP

Foreclosure Alternatives: HAFA Short Sale - Standard Short Sale - Deed-In-Lieu - Loan Modification - Forbearance - Reinstatement - HAMP ????

Confused yet? Let me help you navigate the confusing and complicated world of foreclosure prevention. There are a number of options available including one of the newest programs that the government has recently implemented called the HAMP program and the HAFA Short Sale program. HAMP is the Home Affordable Modification Program and HAFA stands for the Home Affordable Foreclosure Alternatives. Both are part of President Obama's Making Home Affordable Program.

To be eligible to participate in these two new programs, you must meet the following criteria:

Must be a an owner occupied primary residence. The mortgage balance must be less than $729,750. The borrower suffers a hardship such as loss of income, an increased mortgage payment or an unexpected increase of expenses. The mortgage is delinquent or default is reasonably foreseeable. The mortgage originated before January 1, 2009. The PITI mortgage payment, including HOA, is more than 31% of the borrower's gross monthly income. Seller must live in and maintain the property during the process. (Job transfers may be allowed) If you have a second mortgage they must agree to release their lean for the lesser of 3% of the loan balance or $6000. IF your loan is FANNIE MAE, you will not qualify for HAFA if your Foreclosure Auction date is less than 60 days away. IF your loan is FREDDIE MAC you must be late on your payments NOT going to be late as foreseeable as stated above. Must be an arms length transaction.

 

What are the benefits of a HAFA Short Sale as compared to a traditional short sale?

• Approval is supposed to be issued within 10 days. (Usually takes a little bit longer however but not nearly as long as a typical short sale)
• Lender/Servicer will agree not to foreclose for a period of up to six months to allow time for the sellers agent to market the property, obtain an offer and complete the HAFA short sale process.
• The lender/servicer will agree to give up their right to seek a deficiency judgement against the seller.
• A full release for the Seller of all current and future liability from the home mortgage.
• Seller will not be required to come up with any funds for a seller contribution to close.
• The seller may be eligible to receive up to $3000 in relocation assistance funds upon a successful completion of a HAFA short sale.

How do I get started?

• Contact a local Fountain Hills real estate listing broker/agent whom is familiar with the Fountain Hills HAFA short sale process and can market the property and navigate the complex process to a successful close.
• Homeowners apply for the Home Affordable Modification Program (HAMP) by submitting a request to their mortgage company. This request for participation includes:
  • Request Form (Request for Modification and Affidavit)
  • Tax Form (Form 4506T-EZ)
  • Verification of Income
• The process can be started before the home is actually listed for sale or it can be started after the home is listed and a short sale offer is ready to be submitted to your lender for a short sale approval.

Please register here to attend one of our Fountain Hills foreclosure prevention discussions or receive additional information.

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THERE ARE NO CHARGES TO YOU FOR OUR SERVICES!

If you are considering a HAFA Short Sale in Fountain Hills, feel free to contact our Fountain Hills short sale listing agent by calling our office at (480) 331-VIZA.

Avoid foreclosure. The Bank Pays us to Short Sell your Home....and may even pay YOU to do a Short Sale of your Fountain Hills home! ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Not yet ready to speak to a Fountain Hills Short Sale Specialist? Check out these websites below:

Foreclosure Prevention Workbook - English (50 page PDF workbook by the Arizona Foreclosure Prevention Task Force)

Foreclosure Prevention Workbook - Spanish

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

Are you ready to begin the process of listing your Fountain Hills home for sale? To begin the Fountain Hills short sale process, please call us or visit our website at: www.VizaRealty.com/help

If you are looking for a Fountain Hills home for sale or are interested in doing a short sale of your Fountain Hills home, please give Viza Realty a call!

Ray Plato - Real Estate Broker 480-206-7340 direct 480-331-VIZA office Ray@VizaRealty.com

“Your interests are our priority"

www.VizaRealty.com

www.ScottsdaleViewHomes.com

www.ValleyBankOwnedHomes.com

www.RayPlato.com

About the Author...
This article was provided by Ray Plato, an experienced Arizona Real Estate Broker, Certified Distressed Property Expert & REO Specialist. Ray can be reached via e-mail at ray@vizarealty.com by cell phone or text message at 480-206-7340. Ray has helped families buy and sell their home for years! For Arizona real estate and a list of current homes for sale in Fountain Hills, Arizona see www.VizaRealty.com. For more info regarding short selling your home, please visit www.vizarealty.com/help.

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