The Short Sale Solution
Many of today’s struggling homeowners made mostly correct choices when it came to buying their home. They took out loans for affordable mortgages, only to then be hit by the unexpected: their employers cut back on benefits or completely laid them off due to economical factors. Or, maybe surprise expenses adjusted their budget plans or their financial investments did not do so well. The list could go on and on. These types of situations are happening everywhere.
The above reasons are exactly why I am sharing information with you about feasible options that are available to distraught homeowners. With the new Home Affordable Foreclosure Alternatives Program, or HAFA, you could be eligible for a $3,000 incentive to overpass home foreclosure by seeking a short sale or deed-in-lieu. The first phase in assessing a person’s current mortgage situation is to identify whether or not they can adjust their loan and bring payments down to an affordable level. This option does work for some, but an important aspect to understand is that mortgage alterations almost never lower the initial amount owed on the loan, only the interest.
In essence, this means that a mortgage modification will only suit those homeowners who are barely out of reach when it comes to making their payments, which not normally the case for most distressed homeowners. With a financial dilemma as big as a job loss or a significant drop in finances, adjusting the interest rate on your home loan is traditionally not enough to make mortgage payments affordable.
Take Steps Toward Financial Recovery
If I discover that you are in a situation in which you would benefit from a mortgage adjustment, I can show you the best possible route to pursue. If not, then a short sale could possibly be your best option, and HAFA makes that option rather appealing. In addition to offering $3,000 incentive for a successful short sale, HAFA gives the lender a set timeline so the transaction does not drag on for longer than it should. This greatly decreases the chance of being foreclosed in the midst of the short sale process. A couple of different lenders and mortgage providers are not currently participating in the HAFA program. However, a lender almost always loses more money in a foreclosure than a short sale transaction or deed-in-lieu. If a lender is certain that a homeowner has no option for paying the current mortgage, they are usually concerned with recovering as much of their initial investment as possible, thus short sales are typically the best option for them as well.
If your lender is participating in HAFA, there is a set of criteria you must meet to become eligible for the program. To find out your eligibility and lender’s participation, contact me today.
Your Denver Short Sale Expert Can Help
As a CDPE-designated agent and a short sale specialist in Denver, Colorado – I have been trained in a wide range of options that can be made available to distraught homeowners. I can analyze your situation, help you figure out the best possible options, and help you start moving towards a solution. I help homeowners who are conflicted with their mortgage payments. I understand your challenges, and I am prepared to help you. My team consists of short sales experts and we will guide you through the short sale process and help you begin taking strides toward financial recovery.
Jeff Corporon, Brix Real Estate, LLC
1315 S Clayton Street, Ste #200, Denver, CO 80210
Cell: (303) 475-1276 | Fax: (303) 496-0534