HAFA Short Sales Information

HAFA Short Sales - Las VegasIf you can't afford your mortgage payment and it's time for you to transition to more affordable housing, the Home Affordable Foreclosure AlternativesSM (HAFA) program may be the right program for you. HAFA provides an option for transitioning out of your mortgage called a short sale. In a short sale, the mortgage company lets you sell your house for an amount that falls "short" of the amount you still owe.

The decision to short sale your Las Vegas home and move on is certainly a very difficult one to make. However, I've found from previous client's experiences that once they get rid of a huge monthly mortgage payment based on suspect values, months down the road they are in far better financial shape. And when you really think about how many things are tied into personal finances one way or another, that's pretty huge. #1 cause for Divorce? Stress caused by money problems / financial duress that certainly affects relationships.

Some Benefits of a HAFA Short Sale

  • Unlike conventional short sales, a HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls "short" of the amount you still owe. The deficiency is guaranteed to be waived by the servicer. (This is also possible when you use an experienced Las Vegas short sales agent.)
  • In a HAFA short sale, your mortgage company works with you to determine an acceptable sale price. (This can also be a detriment.)
  • A HAFA short sale MAY have less of a negative effect on your credit score than foreclosure or conventional short sales due to a shorter time period of missed payments.
  • When you close, HAFA may provide $3,000 in relocation assistance. Some lenders even have additional program incentives available.

Some Eligibility Requirements to participate in the HAFA Short Sale Program

You may be eligible for a HAFA short sale if you meet all of the following criteria:

  • You have a documented financial hardship.
  • You have not purchased a new house within the last 12 months.
  • Your first mortgage is less than $729,750.
  • You obtained your mortgage on or before January 1, 2009.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.

There are other guidelines, but these are the basic eligibility requirements. Most of the larger mortgage servicer companies will be able to guide you through the rest of the requirements.

If you are ready to short sale your Las Vegas home, rest assured that starting up the process by calling 702.592.3058 or filling out the contact information below as soon as possible will help in choosing the right options for you. Every single Las Vegas homeowner I've short sold a Las Vegas home for has had their own unique situations. Unless we know what your situation is, a truly experienced Las Vegas short sale agent is not going to be able to help guide you to start working towards a program that's best for you.

Unlike most things in life, it's completely free with absolutely no obligation to you.

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