Should you Apply for a HAFA Short Sale in Kansas City to Prevent Your Kansas City Home from Being Foreclosed On?
Ok, you're struggling to meet the monthly mortgage payment. Since you been laid off from your full-time job, the part-time jobs are not even coming close to helping your family financially.
You have thought about selling, but you owe more than what your home is worth. Now what?
Try a HAFA short sale.
Yes, there are many horror stories because the program started on the wrong foot. Now that the wrinkles have been worked out, the HAFA short sales are working.
First, there are pre-approved HAFA short sales and the traditional HAFA short sales.
A pre-approved HAFA short sale has been approved by the mortgage lender prior to an offer. The benefit is that the bank will help determine the list price. A pre-approved HAFA short sale will be much faster to negotiate once an offer has been submitted. In some cases, most HAFA short sales can be negotiated and closed within 45 days.
A traditional HAFA short sale has not been approved by the mortgage lender prior to an offer. Matter a fact, there is many documents required by the seller during a traditional HAFA short sale, that most of these take 3-7 months to negotiate and close. Most HAFA short sales fall into this category.
The benefits of negotiating a HAFA short sale are the bank will issue a full release of liability, the homeowner can receive up to $5,000 in relocation funds, the mortgage bank can not foreclose during the HAFA process, the homeowner will contribute zero expenses in the sale and the mortgage lender is required to acknowledge and start negotiating the HAFA short sale within 10 business days.
The risk of hiring an unqualified HAFA short sale specialist is the short sale process blows up or worse, the homeowner does not receive up to $5,000 in relocation expenses due to the tricky and complicated paperwork and short sale process.
Before you hire a HAFA short sale specialist ask them how many successful short sales they have completed.
There are more then just HAFA short sales. There are also FHA short sales, Fannie Mae HAFA Short Sales, Freddie Mac HAFA Short Sale and Traditional Short Sales.
Ok, you're struggling to meet the monthly mortgage payment. Since you been laid off from your full-time job, the part-time jobs are not even coming close to helping your family financially.
You have thought about selling, but you owe more than what your home is worth. Now what?
Try a HAFA short sale.
Yes, there are many horror stories because the program started on the wrong foot. Now that the wrinkles have been worked out, the HAFA short sales are working.
First, there are pre-approved HAFA short sales and the traditional HAFA short sales.
A pre-approved HAFA short sale has been approved by the mortgage lender prior to an offer. The benefit is that the bank will help determine the list price. A pre-approved HAFA short sale will be much faster to negotiate once an offer has been submitted. In some cases, most HAFA short sales can be negotiated and closed within 45 days.
A traditional HAFA short sale has not been approved by the mortgage lender prior to an offer. Matter a fact, there is many documents required by the seller during a traditional HAFA short sale, that most of these take 3-7 months to negotiate and close. Most HAFA short sales fall into this category.
The benefits of negotiating a HAFA short sale are the bank will issue a full release of liability, the homeowner can receive up to $5,000 in relocation funds, the mortgage bank can not foreclose during the HAFA process, the homeowner will contribute zero expenses in the sale and the mortgage lender is required to acknowledge and start negotiating the HAFA short sale within 10 business days.
The risk of hiring an unqualified HAFA short sale specialist is the short sale process blows up or worse, the homeowner does not receive up to $5,000 in relocation expenses due to the tricky and complicated paperwork and short sale process.
Before you hire a HAFA short sale specialist ask them how many successful short sales they have completed.
There are more then just HAFA short sales. There are also FHA short sales, Fannie Mae HAFA Short Sales, Freddie Mac HAFA Short Sale and Traditional Short Sales.
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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty
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