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Home Affordable Foreclosure Alternative in City, State

The Home Affordable Foreclosure Alternative, which is also known as HAFA, is a cash back incentive for the qualifying homeowner after a short sale. The HAFA program offers ,000 cash back after a short sale to help homeowners with relocation expenses. This government sponsored program also gives incentives for lenders too opt for a short sale, while making sure the short sale process can be a little easier for the distressed homeowner.
The benefits that come with the HAFA program are a way to show homeowners they can avoid foreclosure and the government understands how frustrating it is too have to face the thought of losing your home, and would like to make sure homeowners can have a little more comfort after the short sale. For example, the homeowner will be released of all debt after the short sale, which means you will no longer be held accountable for the amount that falls short of what you still owe.
The eligibility requirements of a short sale include, living in the home, or have been living in the home within the past 12 months, a documented financial hardship, have not purchased a home within the last 12 months, first mortgage is less than 9,750, the mortgage was obtained before January 1, 2009, and the homeowner must not have been convicted of any type of felony within the past 10 years.
A homeowner should never have to pay for a short sale, and short sale services through a short sale specialist are 100% free! Having a short sale specialist alongside of your short sale could prove to be a gain in the short sale process. A short sale Realtor will inform you of the HAFA program and all other cash back incentives that are available to qualifying distressed homeowners.
The traditional short sale vs. the HAFA short sale, both offer experts that can help get you through your short sale for free.

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How do Loan Modifications work in Moorpark

Loan modifications are a way for borrowers to ask for a longer contract or for a lower interest rate without completing a total refinance. However, not all lenders may offer a loan modification. Loan modifications are typically given to the homeowner who is aware that they are slipping into a financial hardship but need to ask their lender how they can go about saving their home although some who might be behind on mortgage payments might still qualify. Loan modifications are not given out to all homeowners because certain criteria are typically needed.

When a lender agrees to amend or modify a mortgage loan, this is called a modification. Some ways that modifying a loan can be reached is by repaying your lender, cutting down the interest rate, a set amount of payment each month, a number of years to pay off the loan, have past due penalties forgiven, etc. Each lender may be different with their modifications. Lenders are typically open to loan modifications because they still have the ability to make money, rather than opting for a foreclosure and losing money.

Waiting for the approval or rejection of a loan modification can be somewhat of a hard process mentally but when the decision is made, the homeowner is notified. If a homeowner is denied of the loan modification, they will be told why they were rejected and it could be reasons as being behind to many times on payments or the lender may no longer hold the loan. However, if the loan modification is approved the request will be sent on to the loan servicing department and the loan will be modified. Borrowers must understand that while you wait for a decision, you must still attempt to make your mortgage payments because waiting for an answer could take more than a few mortgage payments.

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Why would a short sale be rejected in City, State

A short sale is typically the best solution for the homeowner who wants to avoid foreclosure. A short sale is for the homeowner who is facing foreclosure and needs to get out from under their home. The short sale process can be a lengthy process because it entails lots of paperwork and waiting for a buyer. Lenders will ask for what is called a short sale package, and any mishaps with this package can result in a delay or even a possible rejection.
One of the very first steps of a short sale should be choosing the right short sale specialist for your short sale. An experienced short sale Realtor will be able to help you from beginning until end and make sure all paperwork is filed correctly and negotiations are taken care of. Should you hire the wrong short sale agent, your short sale could be a tragedy. A knowledgeable, skilled and experienced short sale specialist will be able to keep good communication with your lender making sure your short sale package is fresh in your lenders mind.
Your short sale package is key to your short sale approval; holding financial documentation as well as your hardship letter. Should any documents be misplaced, the entire package could be worthless. It is advisable to make sure your name, date and loan number is on every single piece of paper, for incase something should ever happen.
It is very important to make sure that the asking price is accommodating for the lender; after all, they have agreed to sell the home below its original value in order to avoid foreclosure. It is also a great idea to remind your lender about the Home Affordable Foreclosure Alternative program; where you and the lender can get incentives for successfully completing your short sale.
Another reason a short sale could be rejected is your buyer. It is important to make sure that potential buyers are in a position where they can move quickly. The buyers will be checked and it would be a great benefit to have approval letters available to the lender to ensure funds are in place and they are serious buyers.
Waiting to be approved for a short sale can be a time consuming process, but it can also be a quick process with the help of an experienced short sale specialist. With a short sale expert your short sale will be taken care of and you can be assured your lender will always have your short sale in mind.

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