In real estate, a short sale of your home happens when you obtain lender permission and then sell it for less than is owed. In most cases, the lender is agreeing to write off the difference between the sale price and the remaining loan balance. A short sale can be a long process Currently you can be in the position of buying again in ____ years. With foreclosures you will need to wait ________. This is assuming, of course, that during that period you have taken the necessary steps to raise your credit score to an acceptable level. It is advisable to consult a CPA or Tax accountant to see if you might have tax consequences. This is particularly important if you have, at some point, refinanced during the course of your loan. If you feel that you may be a candidate to do a short sale remember that it is critical to get started as soon as possible. Call me today for a consultation. See link for forms that may be necessary to apply___________
Special Programs- The Home Affordable Foreclosure Alternatives Program (HAFA) was introduced in 2009 to streamline and provide lender and borrower incentives for short sales. It allows borrowers to get hardship approvals and any sales conditions up front from the lender, before the home is listed. It also provides cash for moving expenses to borrowers and to make up for some of the difference in sales price and loan balance for lenders. A number of lenders in California, such as Wells Fargo Bank and Bank of America, participate in this program.
Link to HAFA?
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