This new program takes effect on April 5th. It offers a much better outcome than foreclosure for all parties involved. The benefits to you include set timeframes, full release of future liability for the first mortgage debt and $3000 for relocation assistance.
This option is available for:
- Homeowners that do not qualify for a loan modification under HAMP
- Homeowners that do not successfully complete the trial period for their loan modification
- Homeowners that miss at least two consecutive payments during their modification period
- Any Homeowner that requests a short sale or deed-in-lieu of foreclosure
There is some eligibility requirements that Homeowners need to meet:
- The home must be their Principal Residence
- The Mortgage must have originated prior to 1/1/2009
- The Mortgage must be delinquent, in default or it is reasonably foreseeable.
- The unpaid balance can be no more than $729,750.
- The Total Monthly Payment needs to exceed 31% of Gross Income
- The Short Sale transaction must be at arm’s length
If you think that you meet these requirements and would like to discuss it further with one of our short sale listing experts, click here.They can provide you with more details, help you with the paperwork and guide you through the process.
Feel free to call us at 1-800-257-5143 with any questions or to be personally connected with the best agent for your particular situation. We are here for you!
* Not all banks are currently participating in this Program. Feel free to browse this website for more information: http://makinghomeaffordable.gov/hafa.html .