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5.24.10 HAFA In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program takes effect on April 5, 2010—although some servicers may implement it sooner, if they meet certain requirement--and sunsets on December 31, 2012.
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5.24.10 HAMP:If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.
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Short Sale - Things to Know
A short Sale is not always the best solution and has legal and financial implications. You are advised to see independant advice from your tax adviser/CPA or attorney before proceeding.
What is a Short Sale?
A Short Sale is the process where your lender agrees to let you sell the home for less than is owed and then forgive the balance of the debt
How Long does it Take?
Times vary widely depending on the lender and the complexity of your situation. Typicall time scales range from 60 days to 6 months. These times are greatly reduced when you use a trained and experienced Short Sale ngotiator.
How Do I Find a Trained Short Sale Negotiator?
All of our agents are trained and certified to assist you in making the right choice and successfully negotiating your Short Sale.
What are My Alternatives?
Loan Workout: Basicly, a loan workout is any resolution of a problem loan between the lender and borrower that modifies the original loan agreement. Some of these options include forbearance (e.g. forgiving a portion of the debt or late charges); deferment; renegotiating interest rate, monthly payment amount, principal amount, maturity date; or the enforcement an acceleration clause in the loan.
Deed in Lieu of Foreclosure: After the borrower is in default, the borrower voluntarily delivers title to the lender for consideration and the lender accepts the conveyance of the property in full satisfaction of the mortgage debt. Using this method, the lender saves the costs of foreclosure and the borrower avoids having a notice of default on his/her records
Continue making your payments: Of course you should always try to continue to make your home payments and if this is an option that will work for you then you should continue.
Foreclosure: Probably the worst of all the alternatives. When a bank forecloses on a home, it is typically because of non-payment of the mortgage. The process of taking the home back is known as the ‘foreclosure process', which ends when the home is auctioned in a non-judicial foreclosure – which is the most common type of foreclosure in California. When no one bids at the auction, ownership reverts back to the bank that brought the action. When the bank takes the property back, it refers to these properties as “Real Estate Owned”, or more commonly REO.
Call us to discuss your individual situation 888-640-2346 x 411 with one of our Short Sale help team.
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Short Sale Help in Hemet & Yucaipa Pre-Foreclosure Assistance Real Estate - Hemet Short Sale Advice Yucaipa Short Sale Help - San Jacinto - Banning - Beaumont By Reviron Realty - Short Sale Help - Inland Empire & Los Angeles
We work with all Banks to facilitate Short Sales including Bank of America, Countrywide, OneWest Bank, Ocwen, American Home Loans
HSBC, Wachovia, Wells Fargo, Indymac, Saxon Mortgage, Chase, Capital One and Citi Financial