Home Girls: Foreclosure Alternative - The Short Sale

Provided by Home Girl Nan Skinner, Keller Williams Real Estate

Facing foreclosure and tempted to stay in your home until the bank pulls it out from under you? 

Bad idea. Don’t do it. A much more graceful exit is a short sale, an agreement between you and your lender to sell your home for less than you owe. Although there’s no guarantee that your lender will let you avoid foreclosure with a short sale, new government regulations are aimed at encouraging lenders to do so.

Short sales get government incentives

Although short sales are not hassle-free, at least you’ve got the government backing you. The Home Affordable Foreclosure Alternatives (HAFA) program provides financial incentives for lenders and borrowers to avoid foreclosure through short sales or deeds in lieu of foreclosures.

Participation in the HAFA program requires adherence to guidelines — including a standard process and minimum timeframes—that speed the process, says Dallas-based REALTOR® Tom Branch, co-author of Avoiding Foreclosure: The Field Guide to Short Sales. The HAFA program is for homeowners who can’t keep their homes with the help of a loan modification.

To be continued - or Read more at HouseLogic

You can contact Nan at 206-734-9289.