What is a HAFA Short Sale-Home Affordable Foreclosure Alternatives-Redding CA
What is a HAFA Short Sale.
HAFA is the federal government subsidized
Home Affordable Foreclosure Alternative – HAFA
Banks allow more short sales-Foreclosure sales down in California-Redding CA
Banks allow more short sales-Foreclosure sales down in California-Redding CA
The number of homes sold in a short sale surpassed foreclosure sales in Shasta County during the first half of the year, more evidence mortgage lenders are avoiding lengthy and expensive foreclosures and trying to comply with the Nationwide Mortgage Settlement, experts state.
This data provided by the Irvine, Calif. based RealtyTrac, also notes a 21 percent decrease in the number of bank owned homes sold during the first half of 2012 from the same time in 2011.
Are these a Sign of Change?
The rise of short sale homes is good for homeowners trying to get out from their underwater mortgages or who are behind or may become behind in payments.
A short sale is a real estate transaction where the property the bank has liens on agrees to sell for less than what the homeowner owes on the mortgage before the foreclosure is complete.
A bank owned sale is conducted after the home is repossessed in a foreclosure proceeding. This is considered a traditional foreclosure.
Some of our homeowners who agree to a short sale are getting cash incentives from banks to participate in a short sale vs the cost of the foreclosure.
It is also generally considered less of a hit to the credit scores and is a much, much speedier process than in the early years of the housing crisis.
The federal government forced banks to make up for years of foreclosure related offenses. Theses lenders agreed to provide $25 billion in cash funds and mortgage relief to
Short Sale Facts-Does your bank do HAFA?-Redding CA
Short Sale Facts-Does your bank do HAFA?-Redding CA
What does HAFA mean?
HAFA is a federal government program
Bank of America Short Sale the HAFA Process-Redding CA
Bank of America Short Sale the HAFA Process-Redding CA
What is HAFA?
A Federal Government Program to Help Homeowners Who:
Can
What to expect when you Short Sale your home with Wells Fargo-Redding CA
What to expect when you Short Sale your home with Wells Fargo-Redding CA
Depending on the situation, a homeowner may be eligible for a short sale through the federal government
Pre Foreclosure-Short Sales-Real Estate Options in Redding CA
Pre Foreclosure-Short Sales-Real Estate Options in Redding CA
The Redding Short Sale Team at Real Living Real Estate, a company that provides a full suite of real estate services to home owners who need help with short sales or who are looking to sell a home.
RealtyTrac, a company that provides statistical reports regarding different aspects of all real estate markets has reported , a total of 233,299 residential properties were purchased in the United States during the first quarter of 2012.
The number of real estate short sales being completed in the United States is currently at a 3 year high in terms of volume.
A short sale is a real property transaction where a mortgage lender agrees to forgive the unpaid portion of the mortgage, so the home owner can sell the home at less then the amount owed.
These transactions allow both the homeowner and the banks to avoid the foreclosure process, and the climb in the percentage of short sales suggests that more homeowners are looking to this option to sell their homes.
Banks such as Bank of America, Wells Fargo and Chase are on board with the short sale program as are ALL mortgage lenders whether large, small, local or national.
Pre-foreclosure sales are similar and
Where should struggling homeowners who want answers about selling their home in Redding CA start?-Short Sale Q and A
Where should struggling homeowners who want answers about selling their home in Redding CA start?-Short Sale
Now maybe the best time to sell short? Why?
Many home loan lenders including Chase and Bank of America, have finally shortened up the short sales process by qualify the home owners and their homes for short sales at agreed upon prices before putting the home on the market.
This step has cut down on the amount of time it takes to push through all the paperwork that a short sale requires.
More hope…
These big banks are allowing some sellers to receive cash incentives to agree to a short sale vs. a foreclosure.
But you want to hurry to take advantage of these programs. Today homeowners selling their distressed properties get a tax break.
This tax break allows the IRS to forgive the unpaid debt on the mortgage which usually is taxed. Not all mortgages qualify. This tax rule will expire midnight on Dec.31st 2012.
If you want to sell your home, do it this year.
Why?
Because the short sale process, even though much faster then before can still take 4 to 6 months.
Some lenders are opening the term “hardship” to allow more home owners who are may not have qualified before but can now.
A hardship maybe…
Retirement
Job Change
Moving
A short sale can simply occur when the lender agrees to let the property be sold for less than the amount owed on the mortgage.
2012 may be the year the short sale market peaks, because of a number of factors. Bankers, pressed by the Making Homes Affordable (HAFA) administration and the banks own pocket books and purse strings.
The mortgage giants are suddenly realizing they are better off accepting partial payment on a mortgage than taking a home thru the entire legal foreclosure process.
If you are thinking about selling, keep your eye on the calendar and don’t lose any more valuable time.
Call today direct (530) 921-1063
Laura Reilly, a Redding , California, real estate agent who works in short sales.
Laura Reilly, a Redding , California, real estate agent who works in short sales.