Don't Go It Alone; Choose an SFR Short Sales & Foreclosure Specialist

Due to current economic conditions, the number of short sale properties on the market is rising. Struggling under the weight of a heavy mortgage is a stressful situation to experience. The government has defined a short sale solution for home owners that qualify. Below you'll find more information on short sales and their challenges, the government's efforts to address these challenges, and how we at 1stLuxuryHomes can help.

Home Affordable Foreclosure Alternatives Program (HAFA)

To help homeowners who are unable to keep their homes under the Home Affordable Modification Program, the HAFA program may make a short sale or a deed-in-lieu of foreclosure a viable option to help them avoid foreclosure. The HAFA Program, which took effect on April 5, 2010, provides servicer, seller, and junior lien holder incentives for these transactions and is designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure.

The good news is that the short sale process is very do-able and no cost for the homeowner. Here are the steps involved:

  1. Qualify the seller (based on valid hardship, timing, other liens, property condition, equity and Fair Market Value)
  2. Define the hardship (eg. job loss, business failure, divorce or death, natural disaster)
  3. Determine if there's sufficient time for a short sale (generally more than 2 months to lender's foreclosure date)
  4. Determine what is owed
  5. Assess property condition and price the short sale listing at Fair Market Value
  6. Contact the lender and submit a comprehensive short sale package

As a certified Short Sale and Foreclosure Specialist through the National Association of REALTORS® (NAR) we can assist you, your neighbor, family member or friend that may be having difficulty making their monthly mortgage payments in the current economic climate. We can:

  • Direct distressed sellers to finance, tax, and legal professionals
  • Qualify sellers for short sales
  • Develop the short-sale package
  • Negotiate with lenders
  • Tap into buyer demand

Short selling your house is not the end of the world. There are resources to help and people who care. Please feel comfortable calling us to ask for that help.

John Merrill and Toni Ziv
John Merrill and Toni Ziv

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