That is right! You do not have to be behind on your home payments to do a short sale.
With the real estate market in a slump, chances are if you bought your home between 2005 and 2007 you are upside down. There is a good chance that if you bought in the last 10 years you could be upside down.
You do have options if you are wanting to get out of a home you are upside down on. There has been a common misconception that you have to be behind on your payments to do a short sale. This is NOT true.
If you are struggling with a house payment or have a property you just want to get out from under call me for a confidential consultation.
My team and I have completed several shorts sales this year where the property owner never missed a payment and they did not have to bring any money to closing to sell the property.
In most cases the bank pays all real estate commission and fees associated with the sale, so it doesn’t cost you anything!
Murrells Inlet, SC is located just a few minutes south of Myrtle Beach, SC. Over the last few years the real estate markets across the country have take a major hit in prices leaving many people upside down on properties they own.
Being upside down on a property is not as big of a problem as it was in the past. Upside down homeowners have a lot more options. You don’t have to be stuck in a property you can’t afford or you need to sell. A short sale is beneficial to both the homeowner and the bank. A short sale is a way to be able to gracefully exit a property without foreclosure.
Most importantly you do not have to be behind on your payments to be able to do a short sale. Many banks are allowing short sales without you missing payments.
Also doing a short sale costs you nothing! No upfront fees! The bank pays our real estate commission!
Our team has a full time experienced negotiator working to help get the short sale process over as quick as possible!
You could be less than 90 days away from getting out of that home or investment property that has become a nightmare!
Home Affordable Foreclosure Alternatives (HAFA) Program
The HAFA program offers homeowners, their mortgage servicers and investors an incentive for completing a short sale or deed-in-lieu of foreclosure. Under HAFA, the homeowner leaves their home to transition to more affordable housing.
The HAFA program is available for homeowners who:
1. Do not qualify for a trial mortgage modification under the Making Home Affordable Program
2. Do not successfully complete the trial period for their modification
3. Miss at least two consecutive payments during their modification period
4. Request a short sale or deed-in-lieu of foreclosure
Short Sale
In a short sale the servicer allows the home owner to list and sell the property for less that the mortgage owed Deed-in-Lieu of Foreclosure
If the borrower makes a good faith effort to sell the property but is no successful . This is where the borrower voluntarily transfers ownership to the servicer.
The HAFA Program streamlines both of these options to make them easier for a homeowner to work with their servicer. Under the program a homeowner can receive $3,000 to help with relocation costs.
