Are You Having Trouble Making Your Mortgage Payments?
Is The Foreclosure Date Approaching?
Is Your Home Worth Less Than You Owe On It?
A Short Sale May Be Your Solution
We are a local San Luis Obispo County Real Estate company that specializes in helping individuals that are heading into default on their current loans or are already in foreclosure through the short sale of their home. We handle the listing and short sale negotiations for all of San Luis Obispo County, including Paso Robles, Templeton, Atascadero, San Miguel, Arroyo Grande, Nipomo, San Luis Obispo, and all of the Coastal communities including Cambria, Morro Bay, and Pismo Beach.
We understand that defaulting on your mortgage can be very stressful and often times a scary situation. We have counseled many individuals and families in your same situation and have found that many people don’t realize that they have options before foreclosure and one of them is a short sale.
Put very simply, a short sale is when the amount owed to the lenders is more than the home can be sold for. In a typical situation, the home owner would need to bring in the difference owed in order to sell the property… This is where we can help. In a short sale, we negotiate with the lender to accept less than the full amount owed to satisfy the debt, allowing it to be paid off “short”.
- Not Sure If You Qualify For a Short Sale? Do You Owe more on your property than what you could sell it for, especially after real estate commission, closing costs, late payments, interest, etc?
- Have difficulty covering your expenses each month?
- Not have money in the bank to cover the difference of what you could sell your house for and what you owe the bank?
- Are You Having Trouble Making The Payments? Are You Feeling the stress mounting with each missed payment and phone call from your bank?
- Borrowing money from other sources to pay your mortgage?
- Getting confused as to what your options are at this point?
Some of the benefits of a short sale are:
- A short sale allows your home to be sold, avoiding the stress and sometimes embarrassment of foreclosure
- A short sale has much less of an impact on your credit than a foreclosure
- A short sale satisfies the debt you owe to your lender(s)
We offer Free, Discreet consultations over the phone, at our office, or in your home and there is never any obligation.
- We NEVER charge you ANY out of pocket fees. We are only paid by the bank when it closes.
- We have a 95% success rate in closing our short sales.
- You will ALWAYS deal directly with our team from the first phone call to closing. We handle the negotiations directly and you will never be passed off to another agent, processor or third party negotiator.
Please take the time to browse through our site and gather the information that you are looking for. If at any time you have further questions about a Short Sales, the Short Sale Process, Foreclosure, Loan Modification, or would like more information about our services you can email or call us at anytime and we will be happy to assist you.
HAFA Overview
https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html
https://www.hmpadmin.com/portal/index.html
Links to contact your mortgage servicer
http://www.makinghomeaffordable.com/contact_servicer.html
MORE INFORMATION ON THE HAFA PROGRAM
NFO FROM Realtor.org
http://tourthenewrealtor.com/government_affairs/short_sales_hafa?tourthenewrealtor
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.
Home Affordable Foreclosures Alternatives Program: Guidelines and Forms
HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP (including HAFA) is available at: www.makinghomeaffordable.com/contact_servicer.html.
HAFA Provisions
- Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
- Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
- Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
- Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
- Uses standard processes, documents, and timeframes/deadlines.
- Provides the following financial incentives:
- $3,000 for borrower relocation assistance;
- $1,500 for servicers to cover administrative and processing costs;
- Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.
- Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.
