Short Sale Programs Can Help Struggling Homeowners
Many times, property owners rule out the option of a short sale because they fear the obligations of a deficiency. Any money left over may only continue the financial burden they have suffered for months, if not years.
The Kurland Law Group brings experience in the short sale process and knowledge of the programs available, specifically HAFA.
Taking Advantage Of Home Affordable Foreclosure Alternatives (HAFA)
The Obama administration’s Home Affordable Foreclosure Alternatives (HAFA) program can benefit lenders, servicers and borrowers. It makes short sales more attractive to all parties and takes away many of the negatives. HAFA serves as an option for property owners on the fence regarding a short sale.
Maryland homeowners and property investors can avoid deficiency judgments when all the mortgage debt is forgiven and experience a streamlined short sale process. A foreclosure action will then not show up on a credit report. Owners of primary residences can also receive relocation allowances if they qualify for HAFA.
Lenders can minimize their losses and avoid the work and money involved in regaining and selling a property that may have lost value over many years. The short sale process itself often sees them impose strict timelines and review pay stubs and other documents with attention to every detail.