Short Sale
If the market
value of your home is less than what you owe on your current mortgage, you may
qualify for a legal, lender approved solution known as a Short Sale. The short sale transaction is a much more beneficial
alternative to foreclosure or even bankruptcy. Lenders are motivated to accept
short sale offers to avoid timely and costly foreclosure proceedings.
In conjunction with short sales, the Obama Administration’s Making Home Affordable (HAFA) Program makes it easier for homeowners to work with their lender to sell their home (short sale). Under HAFA, after a short sale is successfully completed, a homeowner is cleared of all remaining debt and obligations on their first lien mortgage to their lender, and is eligible for $3,000 to help with moving expenses.
There are also no seller fees. Lenders may not charge the seller (borrower) any administrative processing fees in connection with HAFA. The lender must pay all out-of-pocket expenses, including notary fees, recordation fees, credit report fees, and Realtor compensation.
Contact us to receive more information about short sales and / or HAFA by filling out the form below or calling us at 702-353-5300.
Let our attorney backed team help you answer your questions today!
