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.

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.

Short Sale - How it Works

Short sales are not complicated if handled by a professional agent who has been trained to work with your lender and understand your situation. It does require you to assist our professional, but don't worry we take all the hard work out of the it and we will hold your hand all the way.

It is certainly a process you should not consider doing without professional help. Our service is free to you and all our agents are trained in handling a Short Sale.

Short Sales do have financial and tax consequences and you are strongly advised to consult with your tax adviser or CPA.

• The first step is to figure out the true value of your property. We will provide you with a professional market analysis to give you a good idea of what your home might sell for. It is a vital step as your lender will want to see that you are trying to obtain the maximum value in relation to the current market conditions.

• We will calculate all the financial information needed to submit the Short Sale Package to your lender. This includes estimated closing costs, items such as a title report, escrow, appraisal, attorney fees, agent commissions, unpaid property taxes etc. All these may add up to a substantial amount of money.

• We will need to know how much you owe on your property. Including all loans on the property. We will request this information from your lender for you.

• Once we have all the data we can calculate the equity in your home. Normally the value of your home is more than the total of the loans and closing costs but in today's market this has become less likely. If your closing cost estimate plus your loan amounts are higher than the value of your property then a short sale is a possibility.

• We will then contact your lender and explain your situation. Lenders are under no obligation to accept a short sale but many times it is in their best interests to do so. Some lenders will not consider a short sale until you have missed a payment or two. We never recommend that you miss or stop making your loan payments. Acting quickly is essential as any delay may make it difficult to successfully conclude a Short Sale before a foreclosure happens.

• You need to consider your tax obligations! Do not underestimate this! Many times there can be a substantial tax obligation after a short sale has occurred. Be sure to talk with an accountant or tax attorney to figure out how much money you may owe the IRS if you decided proceed with a short sale.

• Now we have package together we will start to market your home, find a buyer and sell your property. The lender will review the package we have submitted and the offer to buy your home. Once they have approved the Short Sale and the buyer's offer we can sell your property.

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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