Seller Can Get $3000 to Short Sale Home!

As unbelievable as it sounds, there is a government program, not only available but widely used, that is actually giving the seller a check for $3000 at the close of escrow.   The good news is that this is a relatively easy program to qualify for as opposed to some of the other “solutions” out there right now like loan modifications which are still difficult to obtain.

This new program is called HAFA described as “a government-subsidized “Home Affordable Foreclosure Alternatives” program for distressed homeowners to sell their homes to avoid foreclosure, even if the sales price is not enough to pay off their existing mortgage loans. Under HAFA, a participating lender will pre-approve the terms of a short sale prior to listing using standard forms and specific timeframes.”

To qualify for this program, the home must be owner occupied or only vacant or rented for the past 12 months. The seller must be able to show a hardship and by the way, the hardship can be described in several different ways. The property must be listed with a real estate agent.

Anyone who has gone through the difficult process of deciding to sell their home for less than the amount owed understands that this is most often a decision that is not easily reached.  I have found that many people struggle with the moral implication of not owning up to their debt in addition to the fear that their credit will be destroyed even if only for a few short years.  We sometimes hear about the few who don’t go through this emotional battle, however, I have found that most sellers do.

I believe that it’s my job to guide the seller through the decision to do a short sale, then to help them through the process while helping them to retain their dignity and self-respect.  I love the $3000 incentive at the end that HAFA provides because most short sale sellers have exhausted their finances (and beyond) by the time they close the escrow

If you would like to find out if you qualify for the HAFA program and are thinking of doing a short sale on your home, call me at (805)710-2415 for a private consultation at no cost.

Nancy Puder is the owner/broker of Signature Properties Real Estate Sales & Property Management, located at 124 S. Halcyon Rd., Arroyo Grande, CA 93420.  You may reach her at (805)710-2415, email Nancy@SignatureProperties1.com or visit her website at www.SignatureProperties1.com

Many don’t realize that they can receive a free mortgage insurance policy if they purchase their home through a California licensed Realtor through the end of 2010.  This program will be in effect through the end of the year or until funds are exhausted.  There was $1,420,000 allocated to the program.  Under this program, first time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for up to six months, to help make their mortgage payments.  A qualified co-buyer can also participate in the program and receive a monthly benefit of $750 per month for up to six months.  To apply for the program you must request an application for the H.A.F. Mortgage Protection Program from your Realtor.

Nancy Puder is the real estate broker at Signature Properties, a prestigious real estate firm in Arroyo Grande, CA.  She may be reached (805)710-2415 or Nancy@SignatureProperties1.com www.SignatureProperties1.com