Short Sale

Short Sale Expert Advice, Short Sale Agent, Short Sale Negotiation

In light of Top 4 Major Lenders offering substantial relocation incentives for Los Altos Short Sales we are advising our clients to decline their option to participate in HAFA Short Sales.  The reason is rather simple.   HAFA which stands for Home Affordable Foreclosure Alternative only offers $3,000-$6,000 to Los Altos Short Sale owners.   In contrast, Wachvia Loans is offering $10-15,000 relocation incentives to Los Altos home owners.   So, there is no reason to elect HAFA Shor Sale as an option.  

However, you need to make sure that your loan has not been sold to a 3rd party investors and is still owned and serviced by these Wells Fargo.   For our clients we use a 3rd party Authorization to help confirm this information.  

Your lender will require a handwritten letter stating that you are declining HAFA Short Sale as an option.   You need to include your loan number and last 4 digits of your social security as proof of identity.    These large incentive are the best options and they might not last.  In fact, Wells Fargo Home Mortgage which now owns both Wachovia and World Savings Banks is sending incentive letters to Wachovia and World Savings home owners.  But according to a reliable source at Wells Fargo, these incentives have an expiration date and the Los Altos home owners need to notify Wells Fargo if they are interested in taking advantage of these incentives prior to the expiration date. 

You might still qualify for these incentives even if have filed for bankruptcy.  Needless to say that your bankcruptcy has to be discharged before you can initiate a Los Altos Short Sale.    Wells Fargo Home Mortgage‘s incentive program is more conservative at $15-$20k which is still a substantial amount compared to HAFA Short sale relocation incentive. 

Is it possible they are starting to feel guilty for what they have done to this economy?! We suspect not.   But either way, this a  golden opportunity to take advantage of these incentive since they might not be around in 2014.  In addition, any such contribution might be subject to income taxes if Congress and State of California do not extend the Tax Forgiveness acts in affect in 2013.

Contact Us if you have any questions on your Short Sale.

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