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Most Phoenix and surrounding area homeowners realize that a short sale can take a considerable amount of time. Now, the HAFA (Home Affordable Foreclosure Alternatives) is making it easier for those who cannot meet monthly mortgage payments or secure a permanent loan modification to sell their home in a relatively short time period. A Phoenix short sale realtor can explain the process to homeowners in depth, so that they can make an informed decision regarding their particular situation.

The purpose of the HAFA program is to provide incentives in connection with a DIL (deed-in-lieu of foreclosure) or a short sale. A DIL is used to avoid foreclosure on a loan that is eligible for modification under the HAMP program. In Phoenix, Arizona and surrounding cities, homeowners who are upside down in their mortgage are looking for a way out other than foreclosure, and this is one very attractive option. Here are a few facts about the program:

Are you eligible? Here are a few of the qualifications:

Must meet basic eligibility criteria for the HAMP program.
The property must be your primary residence.
Your mortgage is behind or foreclosure is clearly in the near future.
Your monthly mortgage payment is more than 31% of your monthly gross income.
Your mortgage must be serviced by a lender who participates in the HAMP program, but the majority of them do.

Here is a basic scenario of how the HAFA short sale program works for the homeowner:

You, as the homeowner, apply for a home loan modification. Your lender then reviews your package, and determines that you do not qualify. At this point, the lender counter offers with an approved short sale agreement. Now that you are approved to do a short sale on your home, it is time to contact an Arizona short sale realtor to list your property and begin marketing it in order to find a buyer. Once a buyer is found for your home, they make an offer and if accepted, closing can take place in as little as 30 days from contract acceptance.

Anyone who has been through the short sale process knows that in certain circumstances, it can take several months to sell your home. Now, the HAFA program is making it much easier and faster for homeowners who are facing foreclosure or must get out of their homes because they can no longer afford their mortgage. Contact a reputable Certified Phoenix short Sale real estate agent today, and learn more about a possible solution for the heavy load you are carrying.

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Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

Many people have divided opinions about the short sale process. If you live in Phoenix or the surrounding areas, you may be wondering how to get out from under a mortgage that you can no longer afford. You may even be facing foreclosure. Is there another solution for your situation? This article explains the details, and why you need an experienced short sale realtor to help make all of the transactions easier.

Truthfully, the process can get drawn out longer than you would like, which is why many people avoid selling their home through a short sale. That being said, it doesn’t have to be so lengthy, which is why you need a Certified Short Sale real estate agent on your side. There are many benefits of having an agent take care of much of the work for you; they can compare home prices in the market, so you know how to price your home so that your lender is more agreeable to the process.

A good realtor can also help make finding a buyer for your home much easier. This is often a problem; buyers offer an amount that is ridiculously low, which the lender will not accept. Most of the time, your lender will be willing to work with you, if you show good reason why you cannot pay your mortgage and find a buyer who will pay a reasonable price for your home.

Foreclosure is something you absolutely want to avoid if at all possible, as it completely destroys your credit. Phoenix homeowners are urged to give the short sale process consideration, as it does not affect your credit as adversely as foreclosure does. In most cases, you will be able to purchase another home in two years or less.

Right now, many homeowners find that they owe more on their home than what it is worth; they are getting farther and farther behind in their mortgage and see no way out. This may be due to loss of a job, divorce, a death in the family or other devastating circumstances. Your lender will likely take less than what you owe on your home, simply because in the event your home is foreclosed upon the lender is left with an empty property – which is not what he wants.

Learn more about the short sale process, and how a reputable will help take the stress out of selling your home.

Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties