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Jim Lovato , Broker Assoc.®
DRE 01114606, Horizon Realty
Morro Bay, Ca 93442
Office: 805-772-5657
Cell: 805-440-9730
Email: jimlovato1@gmail.com
It's Lake Time!

Helpful Info > SHORT SALE    
A SHORT SALE IS WHEN THE SELLER'S LOAN BALANCE IS MORE THAN WHAT THE HOME CAN BE SOLD FOR IN THE CURRENT MARKET BASICALLY HAVING TO SELL SHORT OF THE FULL AMOUNT OWED.
THE GOVERNMENT HAS DEVELOPED THE HAFA SHORT SALE GUIDLEINES WHICH MANY LENDERS ARE USGIN THE HLEP OWNERS SELL THERE PROPERTY RATHER THAN HAVING TO FORECLOSE ON THE PROPERTY. IN THIS SITUATION IT IS MORE OF A WIN -WIN TRANSACTION FOR BOTH LENDER AND SELLER. THE LENDER DOES'NT HAVE TO GO THROUGH THE COSTLY FORELCOSURE PROCESS JUST TO END UP TAKING THE HOUSE BAKC AND SELLING IT FOR LEES THAN IT POSSIBLY COULD HAVE SOLD FOR AS A SHORT SALE.
THE ADVANTAGE TO THE OWNER WHO HAS TO SELL IS THE BANK WILL USUALLY PROVIDE SOME FUNDS TO HELP WITH MOVING EXPENSES. THE HOMEOWNER CAN STAY IN THE HOME UNTIL IT IS SOLD TAKING CARE OF THE PROPERTY UNTIL THAT TIME.
A SHORT SALE CAN  BELESS TROUBLINGTO THE SELLERS CREDIT THAN A FORECLOSURE.
NEW. RULES AND GUIDLEINES ARE CHANGING ALMOST DAILY TO HELP BOTH OWNER AND LENDER GET THROUGHT THESE TROUBLING TIMES.CONTACT YOUR LENDER AND ASK IF THEY ARE PARTICIPATING IN THE HAFA  SHORT SALE PROGRAM.
IT MAY BE POSSIBLE TO REFINACE UNDER THE HAFA PROGRAM.

HAFA - HOME AFFORDALBE FINANCE ALTERNATIVE



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