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25 Press Releases | Real Estate |
Short Sale Solutions in the Greater Detroit Area. Macomb, Oakland and Wayne County have until December 31st 2012 to use Federal HAFA. |
Short Sale Solutions in the Greater Detroit Area. Macomb, Oakland and Wayne County have until December 31st 2012 to use Federal HAFA. |
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Before pushing your agent to slide that short sale listing into MLS, it's a good idea to stop and think about the first step in a short sale. Sellers get overly anxious. And it's no wonder. Many of them have been trying in vain to do a loan modification or work out some other kind of financial arrangement with their bank, and they're worn to the bone, frazzled. Find the solution that works! |
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\25 Press Releases\
October 20, 2011 - Garland Solomon of GS Inc has over 30 years of experience in dealing with every imaginable real estate scenario. Short Sales are no exception to his firm's expertise. When home owners are faced with challenges that threaten not only their home but their credit and finances GS Inc understands the importance of great service and solutions that work. The firm recently developed a custom software that enables them to instantly pull your lenders information and submit all necessary documentation to start the short sale request and process your transaction for approval. Banks are not always willing to work with homeowners and that's why it's important that you consult with a licensed real estate broker like GS INC that has the staff and knowledge to speak with your lender on your behalf.
Home owners need to understand that getting your short sale approved can be a lengthy process and requires value appraisals, hardship explanations and the elusive buyer that wants to purchase your home. That's why loan modification firms and expensive attorney fees that are charged to struggling home owners are the number one reason why GS Inc is entering the market place with this announcement. Please take time to read this article and find out why you should contact GS INC for your real estate needs when it comes to stopping foreclosure from ruining your credit and chances of getting a fresh start.
What is the HAFA?
The HAFA short sale program, effective from April 5, 2010, through December 31, 2012, has been touted as the answer to every short sale agent's nightmare. HAFA promises short sale approval within 10 days and gives the seller up to $3,000 in cash at closing. But because HAFA is a government-sponsored program, it's a lot more complicated than that.
HAFA is an acronym for Home Affordable Foreclosure Alternatives, and it's part of President Obama's Making Home Affordable Program. The first step is for a borrower to apply to HAMP, Home Affordable Modification Program. Here are the rules to be eligible for the HAMP program:
• Only personal residences are eligible.
• The mortgage amount must be less than $729,750.
• The borrower suffers a hardship such as loss of income, an increased mortgage payment or an unexpected increase of expenses.
• The mortgage originated before January 1, 2009.
• The PITI mortgage payment, including HOA, is more than 31% of the ...
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