SHORT SALE CERTIFIED REALTORS
 
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Can a family member buy my property in a Short Sale?

  I've attached a form here that banks put into the escrow before it changes ownership.  You can see that they are requiring that there be no family relationship to the Buyer or Seller.  Though there may not be a law voted into place in the United States, the banks have rules they enforce and this form is one of them.  So they could allow a Short Sale from one family member to another but they do not.
  Perhaps the best way for a family member to help another is to purchase a rental property similar and rent it to them.  The banks make all the rules on financing even the majority of the ones enacted into law.  There person Short Selling there home could get through the HAFA program up to $3000 to help with moving cost, but certian requirements apply.  The first step is to apply for a modification of your loan, you can scroll down this page and review the steps. 



MULTIPLE SHORT SALE OPTIONS

There are many different ways to Sell any property Short.  Each loan has its own criteria for approving the Short Sale.  You may qualify under one program and not another.  You may have heard about a Government Sponsored Entity program known as HAFA or HAMP, where you may qualify for $3,000 moving assistance.  This is only one of the many ways to complete a Short Sale.  Call John at 661-332-9401 to find out right now which program will work for you.


THE INVESTORS SHORT SALE

There are reasons investors may consider selling their property short.  Some Investor's have decided to file bankruptcy and limit their loss to a certain time frame.  Contact John and ask some questions which may help you determine if the time is right for you.




 EXPERIENCE CAN MAKE A DIFFERENCE

John W. Willingham, Broker and Owner of New Concept Realty Incorporated is continually on the cutting edge of the real estate trends and training.  He completed the HAFA training program in September of 2010 as well as some of his associates, which supervises and directs on specific goals to achieve the highest results for his Client's.  Ultimately, Mr. Willingham raises the bar for his associates across the board.  For a more in depth report on the accomplishments of Mr. Willingham click here.


HAFA: Home Affordability Foreclosure Alternatives
 
   HAFA is one of the tools offered to eligible borrowers who did not qualify for a home loan modification in an attempt to avoid the home owner from loosing their home through the foreclosure process.  As a result of limiting foreclosures communities and neighborhoods will be more stabilized.  The loan servicers are proactively offering the HAFA Short Sale to eligible borrowers.  All borrowers are considered potentially eligible until they have completed the process of eligibility.
 
   HAFA program eligibility requirements:
  • Program began 08-01-2010 and will expire 12-13-2012.
  • First lien guaranteed or securitized by Freddie Mac that were originated before 01-01-2009.
  • Properties of 1 to 4 units of which one must be a primary place you live.
  • Borrowers must be occupying the property and it will be verified by the loan servicer.
  • Borrowers must meet the Housing Affordability Modification Program (HAMP) minimum requirements, but not qualify for the HAMP or other home preserving programs.

   The first step is to apply for HAMP.  The minimum requirements are:

  • Borrowers may be considered for a HAMP Trial Period if they are current or less than 60 days delinquent and determined to be in imminent default, or 60 days or more delinquent.
  • The financial hardship which the borrower is having must be approved.
  • Borrowers who may be in the foreclosure process, in pending litigation involving the mortgage, or who are in active bankruptcy.
  • Borrowers currently performing under another workout arrangement will be considered for a Home Affordable Modification if they request it.
  • Borrowers must currently have a monthly housing expense-to-income ratio greater than 31 percent of their verified gross monthly income.  In further explanation, if you the borrower have a verified gross monthly income of $2000.00 and your approved expenses are more than $640.00 (31%) then you meet this one requirement.

   continuing with the HAFA eligibility requirements:

  • Borrowers be more than 60 days delinquent and borrower’s cash reserves must be less than the greater of $5000.00 or three times the currently monthly mortgage payment.
  • Borrowers in active bankruptcy, in the process of foreclosure or in pending litigation concerning the mortgage may be eligible for HAFA.
  • Borrowers must be able to transfer the property with a title free of liens which is insurable through an approved title insurance company.
   Fees allowed through escrow as a cost of the HAFA Short Sale include:

  • Real estate sales commissions customary for the market.

  • Homeowners or condominium association fees that are past due.

  • Wood destroying pest inspections and treatment, only when required by local law or custom.

    Fees not allowed:
  • No borrower processing fees for HAFA
  • Borrower can not be required to place any cash in escrow to close or be a signor on a promissory note to release the first lien or any subordinate liens.

   Borrower incentives: 

  • $3,000.00 will be paid to the borrower to help with relocation expenses after a completed HAFA Short Sale or HAFA Deed-in-Lieu(DIL) of foreclosure.


Higher Services Incentive of $2,200 for successful GSE HAFA Short sales (and $1,500 for successful GSE HAFA DIL's, similar to non-GSE HAFA).

Per Fannie Mae, mandatory consideration of the HAFA DIL option and the Fannie Mae Deed-to-Lease program (for interested borrowers), if the Short Sale option fails (i.e., the property doesn't sell within the marketing period agreed upon in the SSA or if the SSA is terminated (consistent with program guidelines) prior to its expiration.

Per Fannie Mae, requirement that without Fannie Mae's prior written permission, a servicer must not consider or solicit a borrower for a Fannie Mae HAFA short sale or DIL with respect to a mortgage loan if:

  • A foreclosure sale is scheduled to be held within 60 days of the borrower's request for a HAFA transaction, or
  • A foreclosure proceeding could be initiated and reasonably be expected to result in a foreclosure sale being held within 60 days of the borrower's request for a HAFA transaction, or
  • A foreclosure sale is scheduled to be held or a foreclosure proceeding could be initiated and reasonable be expected to result in a foreclosure sale within 60 days of a determination that a borrower is ineligible for HAMP, or
  • The loan is secured by a property in Florida on which foreclosure proceedings are pending, judgment has been obtained, or a hearing on summary judgment or trial is scheduled within 60 days.
 
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