HAFA: Understanding Federal Short Sale Rules
One of the main objectives of Home Affordable Foreclosure Alternative or HAFA, is to help Homeowners who cannot afford to keep their homes through HAMP, the Home Affordable Modification Program. Ultimately HAFA was created to assist in speeding up the Short Sale process which in return will reduce the number of Foreclosures.
This is a very interesting 15 minute video that anyone who might be struggling with their mortgage and are possibly considering a Short Sale should watch. I am a Certified Distressed Property Expert (CDPE), so if you have any questions or concerns after watching the video, please Contact Me or give me a call at 706-994-8686. I will be more than happy to answer your questions to the best of my ability. If you are not struggling, maybe you know someone within the North Georgia Mountains that is. Please be sure to forward this article to them.
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Myth #3 – The 7 Most Dangerous Short Sale Myths
A Short Sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #3 – There Is Not Enough Time To Negotiate a Short Sale Before My Foreclosure
This is a myth that probably hurts homeowners the most. Many do not realize that Foreclosure is a process, and that there is time to make decisions that may result in better outcomes.
The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and Short Sales, there is time available until the Foreclosure process is complete.
Please Check Back Soon On “The Porch” For Myth #4
Please Contact Me, or call me NOW at 706.994.8686 if you, or someone you know is struggling with their mortgage. I will be more than happy to offer any and all assistance that I can.
Related Articles that you may be interested in reading:
Myth #1 – The 7 Most Dangerous Short Sale Myths
Myth # 2 – The 7 Most Dangerous Short Sale Myths
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Myth #2 – The Seven Most Dangerous Short Sale Myths
A Short Sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #2 – You Must Be Behind On Your Mortgage To Negotiate A Short Sale
While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.
If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.
If you or someone you may know is struggling with their mortgage in the North Georgia Mountains, please Contact Me or forward this article to them. I am a Certified Distressed Property Expert in Blairsville, Blue Ridge, Ellijay and Hiawassee Georgia. I specialize in Short Sales and I really do want to help struggling homeowners during these difficult times.
Please Come Back To The Porch Soon For Myth #3
Related Articles:
Myth #1 – The Seven Most Dangerous Short Sale Myths
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Myth #1 – The 7 Most Dangerous Short Sale Myths
A Short Sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #1 – The Bank Would Rather Foreclose Than Bother With A Short Sale
This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the Foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a Short Sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a Foreclosure.
The qualifications for a Short Sale include:
1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
2. Monthly Income Shortfall - “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3. Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
If you or someone you may know is struggling with their mortgage in the North Georgia Mountains, please Contact Me or forward this article to them. I am a Certified Distressed Property Expert in Blairsville, Blue Ridge, Ellijay and Hiawassee Georgia. I specialize in Short Sales and I really do want to help people in these situations during these difficult times.
Check Back Soon For Myth # 2
Related Articles:
7 Legal Pit Falls Of A Short Sale
Simple Real Estate Definitions: Short Sale
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March 2010 Union County Residential Market Report
As you can see from the above report, the Median Sales Price for Homes Sold in Blairsville, GA. continues to fall. There was a change of $21,525, down 14% from February of 2009. This is due mostly in part to the Short Sales and Foreclosures that continue to plague both our Residential Market, and even more so our Vacant Lots and Acreage Market. I will be sharing that report in a later post.
The good news is because of the amount of Short Sales and Foreclosures, the number of units SOLD is up 18%. Only a change of 3, but 18% sounds so much better. There was no change this month over a year ago for number of properties that went under contract. The number of homes under contract year over year in February was 20.
The number of new homes being listed in Union County is down 31%. We had 27 fewer residential listings hit the market in Blairsville Georgia in February 2010 over last year. This is mainly due in part to New Construction coming to a near halt. Along with number of new listings going down, the total number of Properties For Sale in Blairsville was down 14% as well.
Our average Days On Market (DOM) for Homes Listed In Blairsville was up 32%, an added 47 days from the previous 149 from a year ago to a total of 196 average days on market. However with the drop in Inventory and a slight increase in Demand, our Month Supply of Inventory, better known as our Absorption Rate is down 14% to roughly 31 months.
If you have any questions or concerns from this North Georgia Real Estate Market Report, please Contact Me, or simply pick up the phone and give me a call at 706.994.8686. I appreciate you taking a moment to read this report, and please come back up on “The Porch” each and every time that you have the opportunity. You are always welcome here.
Make it a Great Day!
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