Short Sell Your Home And Still Live In It! (California only)
Post date: Jul 25, 2012 6:25:27 AM
I have an exciting new program to tell you and your family and friends about. It's called the Short Sale Buy Back Program and it allows for homeowners facing a foreclosure to possibly do a short sale and eventually buy back their home in 3 years. This newly launched program provides another option for homeowners who can't afford their mortgage payments or have been rejected for a loan modification.
Until recently, the Homes Affordable Foreclosure Alternatives (HAFA) program required that a short sale be an "arm's-length" transaction, meaning the buyer and seller could not be related and could not have a prior agreement for the homeowner to stay in the property. A new supplement to the HAFA guidelines "amends this restriction to allow servicers the discretion to approve sales to non-profit organizations with the stated purpose that the property will be rented or resold to the borrower, so long as all other HAFA program requirements are met."
There are no up front or monthly fees!
~You must work with a real estate broker who has a relationship with a qualified non-profit organization. Not all non-profits are qualified or have the resources.
~The non-profit will purchase the home.
~The seller will then rent the home back for a minimum of three years, allowing their credit history and FICO scores to heal so that they can qualify for a mortgage.
~If everything goes as planned, the former owner can repurchase the home, perhaps at a giant discount.
Not all homeowners qualify for the program. Borrowers must have sufficient income to afford the monthly rent payments in addition to their other debt payments. For those who do qualify, the impact could be similar to a slow-motion loan modification with a principal reduction to their loan amount.
Homeowners who don't qualify for this program can still proceed with a traditional short sale, which may include a relocation incentive from $3,000 to as high as $45,000, depending on their lender, loan amount and individual situation.
Either option is better than a financially devastating foreclosure, which can crush a consumer's credit, hinder their ability to find a home to rent and perhaps even impact their jobs.
If this doesn't apply to you, please forward this email to family or friends who may be experiencing difficulties with their mortgage payments.
To find out how to qualify for this program or a traditional short sale, call for a no cost, no obligation, 15 minute telephone consultation. Your time will be worth it.