Short Sale Solutions in the Greater Detroit Area. Macomb, Oakland and Wayne County have until December 31st 2012 to use Federal HAFA.

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Short Sale Solutions in the Greater Detroit Area.
Macomb, Oakland and Wayne County have until
December 31st 2012 to use Federal HAFA.
(1888PressRelease) Before pushing your agent to
slide that short sale listing into MLS, it's a
good idea to stop and think about the first step
in a short sale. Sellers get overly anxious. And
it's no wonder. Many of them have been trying in
vain to do a loan modification or work out some
other kind of financial arrangement with their
bank, and they're worn to the bone, frazzled.
Find the solution that works! Detroit, MI -
Garland Solomon of GS Inc has over 30 years of
experience in dealing with every imaginable real
estate scenario. Short Sales are no exception to
his firm's expertise. When home owners are faced
with challenges that threaten not only their home
but their credit and finances GS Inc understands
the importance of great service and solutions
that work. The firm recently developed a custom
software that enables them to instantly pull your
lenders information and submit all necessary
documentation to start the short sale request and
process your transaction for approval. Banks are
not always willing to work with homeowners and
that's why it's important that you consult with a
licensed real estate broker like GS INC that has
the staff and knowledge to speak with your lender
on your behalf.
Home owners need to understand that getting your
short sale approved can be a lengthy process and
requires value appraisals, hardship explanations
and the elusive buyer that wants to purchase your
home.
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That's why loan modification firms and expensive
attorney fees that are charged to struggling home
owners are the number one reason why GS Inc is
entering the market place with this announcement.
Please take time to read this article and find
out why you should contact GS INC for your real
estate needs when it comes to stopping
foreclosure from ruining your credit and chances
of getting a fresh start. What is the HAFA? The
HAFA short sale program, effective from April 5,
2010, through December 31, 2012, has been touted
as the answer to every short sale agent's
nightmare. HAFA promises short sale approval
within 10 days and gives the seller up to 3,000
in cash at closing. But because HAFA is a
government-sponsored program, it's a lot more
complicated than that. HAFA is an acronym for
Home Affordable Foreclosure Alternatives, and
it's part of President Obama's Making Home
Affordable Program. The first step is for a
borrower to apply to HAMP, Home Affordable
Modification Program. Here are the rules to be
eligible for the HAMP program Only personal
residences are eligible. The mortgage amount
must be less than 729,750. The borrower
suffers a hardship such as loss of income, an
increased mortgage payment or an unexpected
increase of expenses. The mortgage originated
before January 1, 2009. The PITI mortgage
payment, including HOA, is more than 31 of the
borrower's gross monthly income.
If you are not eligible for HAMP, then you may
need to find a short sale agent to help you. If
you are eligible for HAMP, it does not mean that
you will qualify for HAMP. Eligibility and
qualification for HAMP are two different animals.
Your goal, if you want to do a short sale, is to
hope that HAMP will turn you down. Then you will
be eligible for HAFA.
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Or, if accepted into HAMP, and you stop making
your loan modification payments, you can apply to
HAFA. This may sound like goofy rules, but it's
the way our government works. I think it's
interesting to point out that very few borrowers
tend to qualify for a loan modification. In fact,
almost every single short sale that we do in
Michigan is for a seller who was rejected for a
loan modification. Determine if Your Lender
Participates in the HAMP Program. It's important
to know if your lender participates in HAMP,
because lenders that participate in HAMP also
participate in HAFA. All Fannie Mae and Freddie
Mac lenders are required to participate. Here is
a partial list of some of the big-name HAMP
participating lenders Aurora Loan Services,
LLC Bank of America, NA Chase Home Finance,
LLC CitiMortgage, Inc Countrywide Home
Loans Servicing, LP EMC Mortgage Corporation
GMAC Mortgage LLC Green Tree Servicing LLC
HomeEq Servicing Horizon Bank J.P.Morgan
Chase Bank, NA Litton Loan Servicing Navy
Federal Credit Union Ocwen Financial
Corporation, Inc. OneWest Bank
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PNC Bank, National Association Saxon
Mortgage Services The Golden 1 Credit Union
US Bank, National Association Wachovia
Mortgage, FSB Wachovia Bank, NA Wells Fargo
Bank, NA Eligibility Requirements for HAFA Short
Sales Once the borrower is rejected for a loan
modification through the HAMP Program, the
borrower is then eligible to apply to the HAFA
Short Sale program or pursue a Deed in-Lieu-of
Foreclosure. Since I don't know why anybody in
their right minds would do a deed in-lieu, I'll
stick to the short sale process. HAFA will pre
approve the price of that short sale and give the
seller 4 months to sell the property through a
real estate agent. Here are the eligibility
requirements Only personal residences are
eligible. The mortgage amount must be less
than 729,750. The seller must be behind or
about to fall behind on the mortgage. The
mortgage originated before January 1, 2009.
The seller was or would be rejected by HAMP for a
loan modification. Sellers who have government
loans may qualify under a different HAFA program.
Benefits to a HAFA Short Sale After a seller has
jumped through all of these hoops, there should
be benefits, right? There are. For example,
second lenders can no longer try to force a
seller to commit short sale mortgage fraud by
demanding payments outside of escrow or holding
the seller's first-born as collateral. Here are
other HAFA benefits
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Lenders that participate in HAFA waive the
right to a deficiency judgment. Junior lenders
can receive up to 6 of the loan balance or
6,000 maximum to release the loan. As of Feb 1,
2011, the 6 cap has been removed by the U.S.
Treasury. Sellers will receive a government
payment of 3,000 at close of escrow to cover
relocation expenses. Sellers will not be
required to make a seller contribution.
Lenders must agree not to foreclose during the
short sale process. With the exception of
Fannie Mae, Freddie Mac, VA and FHA loans, the
sellers' mortgage payment does not need to exceed
the 31 ratio after 2/1/11. Another condition of
HAFA is all parties must sign an arm's length
affidavit. In other words, the seller cannot sell
to a person the seller knows or to whom the
seller is related. The buyer must also agree not
to sell the property for a minimum of 90
days. This may sound like a lot of information
and complicated steps in your path to foreclosure
freedom but it's what we do everyday at GS Inc
Real Estate. It's no wonder why people are
reaching out to our firm to handle their short
sale. Our staff is licensed and knowledgeable
about the process. This is why our short sale
solutions work. Not only can we negotiate your
short sale with your bank we are a Michigan State
certified and licensed Real Estate Brokerage firm
that connects you the seller with buyers and
investors looking to purchase a home just like
yours. Contact us today 248-809-9386. Source htt
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