Wednesday, February 24, 2010

Considering a Shortsale-HAFA Soon To Be in Effect

Considering A Short sale in the Daytona Beach Area? 
When it comes to shortsales one of the most annoying and time consuming things to do is rush to submit documents required by the bank in order to approve a short sale.  As real estate agents we are so used to jumping up and rushing our job along only to be delayed by a time line, a customer service clerk or the lender themselves.  Waiting on a price to be approved by the lender in order to get the transaction moving along again.

Take note HAFA starts on or before April 5, 2010. 
A program for homeowners with unpaid principal balance of less than $729,750. Important facts you should know:
  • Lender approved a price in advance or lender approve acceptable net proceeds which included subtracting allowable costs that the servicer will accept.
  • The servicer must allow a portion of gross sale proceeds to be paid to a subordinate line in exchange for satisfaction of their liens.  
  • No Deficiency judgment
  • 1st mortgage holder must agree upon closing to release the borrower from all liability for repayment of the first mortgage loan. 

Think about the peace of mind you would have rather than just walk away from home.  If you are a Daytona Beach homeowner and struggling to make your mortgage payments or are so behind you are afraid that you will lose your house.  I can help!  Contact Carol Blawn of Exit Beach Realty and I will help you on the road to recovery!  

Making Homes Affordable, read the Supplemental Directive

Carol Blawn services Daytona Beach, Florida offering Daytona Beach homes for sale, Ormond beach real estate for sale, Ormond by the Sea, Beachside properties for sale, Ponce Inlet real estate for sale, Port Orange real estate selling commercial | residential | real estate.