Did you read what Zsa Zsa said when she saw that billboard on TV, which her husband Prince Frederic Von Anhalt slapped up in her honor? The billboard is on Sunset Boulevard in Los Angeles. It's a wedding photo of Zsa Zsa Gabor and her husband. Celebrating 25 years of marriage in August. Von Anhalt paid $68,000 for the billboard, in case you're wondering about doing it yourself. That covers 30 days -- or a cost of $2,267 a day, about what you can spend for a weekend getaway at Sunset Marquis for you and your entourage.
Apparently, Zsa Zsa is too ill to go anywhere so she had to see it on TV. At 94, she's certainly had her share of health problems, including an amputation, which just makes me shiver thinking about it. But you'd think she'd conjure up some other thought in her head at the sight of the two of them on her wedding day than "Oscar de la Renta." That's what she said. Her wedding photo made her think of a designer because that's who designed the dress she wore.
Shoot me now. That's so romantic. Not.
You know what else makes me shiver? When my Sacramento client calls me all excited and says, "Bank of America told me I qualify for HAFA." But they don't qualify. And they don't understand what Bank of America is saying to them. See, in a Bank of America short sale, all the short sale processors are trained to prequalify sellers for HAFA. There is a matter of being eligible and there is also a matter of qualifying. Those are 2 different things. Here are the bare bones for what it takes to be eligible:
- Personal residence
- Mortgage is less than $729,750
- Mortgage originated before January 1, 2009
That covers a lot of people. However, what the short sales processors don't know is the amount of the sellers' liquid assets and whether they truly have a hardship. HAFA is designed for sellers in dire straights. True, sometimes you can shove a square peg in a round hole, but for the most part, a severe hardship is necessary. If you earn a good income and have sufficient savings, you won't qualify for HAFA.
However, you can choose to spend 30 to 45 days in Bank of America's short sale system to find out that you do not qualify or you can move forward with your short sale in Equator as a regular short sale. Bank of America stops the short sale at that point until a decision is made. Sellers must call the bank, whether they want to or not. Most sellers have no idea that B of A is putting the brakes on their short sale sale.
In California, the bank will most likely release you from liability -- even without a HAFA -- because of SB 458. Therefore, the only remaining benefit to a seller for HAFA in California is the $3,000 relocation check. But you might qualify for TAP without the HAFA. That program pays sellers as well to do a short sale.
This is why it's important to hire a Sacramento short sale agent who is familiar with all of the programs available, the program quidelines and can explain them to you. This way you can make an informed decision about your short sale. Because Bank of America does not have your best interest at heart. Why should it? Bank of America is not your friend. But your Sacramento short sale agent cares. You can take that to the bank.
Comments (9)Subscribe to CommentsComment