Short Sale Benefits

Short Sale Benefits

Despite double digit increase in California home values more than 4,500 mortgages are still under water.   So, if you need to Short Sale your home to avoid foreclosures or bankruptcy.  But how soon can you get a home loan after you complete your Short Sale?

The good news is that there is light at the end of your Short Sale tunnel.   In fact, there are lenders who are offing decent loans one year after you have concluded your Short Sale.

Part of the reason is that the damage to your credit from a Short Sale is manageable.  In fact recent changes to the HAFA (Home Affordable Foreclosure Alternative) Short Sale guidelines in 2013 even require the lender to report your loan as “Paid or Closed Account/Zero Balance“.  Some bank could also report the loan as paid in full.

So, let’s find out if you qualify for a HAFA Short Sale?  Here are the conditions:

1) Loan Balance:  HAFA guidelines only apply to the 1st liens with the balance NOT to exceed $729,750 for Single Family Homes.

2) Occupancy Type:   There is no restrictions on the Occupancy and even your Investor properties do qualify.

3) Origination Date:  Your mortgage note should have been originated on or before Jan 1, 2000.

4) Short Sale Counter:  Most agent neglect to investigate this, but if you have attempted a Short Sale in the last 12 months but did NOT accept the offer from your lender, then you might NOT qualify for a HAFA Short Sale.

Contact Us to see if you qualify for a HAFA Short Sales and talk to our Short Sale expert in our office.