Happy New Year! 2017 has arrived and with it comes the expiration of the HAFA program and it's generous relocation incentive. Although many homeowners were able to get their short sale files in before the January 1st deadline, a lot of people were much too busy during the holidays to consider starting a short sale.
The bad news is that the $10,000 HAFA relocation incentive that was given to sellers at the closing of their short sale has gone away. Another key benefit to the HAFA program was the generous amount the program allowed to pay off any 2nd mortgages you may have. The HAFA short sale lenders were allowing $12,000 to be paid to the junior liens (2nd mortgages or liens on your home), a generous amount that made the closing of a short sale relatively easy.
Now that HAFA has expired what will be the benefit of a short sale?
I spoke to Ocwen Loan Servicing yesterday, and accoding to a negotiator in their short sale department, relocation incentives at the closing of a short sale is still available to homeowners. The amount still goes up to $10,000, however, this amount is determined by various factors not all loans qualify.
While the programs to assist homeowners have not gone away, the dollar amounts are unclear at this point. The banks will have new guidelines, and I will keep you informed as I receive more information.
If you have any questions or would like to discuss the possibility of a short sale, contact us at your convenience.
It's time to jump into the real estate market! You're either ready to purchase your first home, move up to something larger, or downsize to something more manageable.
Having helped many buyers and sellers through the home sale process, here are a few qualities we think you should look for when choosing a real estate agent:
You've made the decision that a short sale will be your best option. There are things you can do to make sure the road is as smooth as possible.
You've heard the saying "It takes a village" and in reference to a short sale, it's certainly true.
Many homeowners are under the assumption that their 2nd mortgage bank will not foreclose, even though the homeowner is behind in their payments.
I think the biggest hurdle that most sellers have with a short sale is the worry of where to go next. After months of dealing with the bank, (often trying to work out a loan modification) the frustration and stress become paralyzing.
You've made the decision to sell, put your home on the market, and if you've price wisely, you may have multiple offers. Now that the real estate market here in Southern California has gone up a bit, you may find yourself in this position.
You've been hearing about the banks' relocation incentive for a few years now, but I'm sure a lot of people aren't sure if they really DO get the money at the end of the short sale.
Today's California housing market and economic outlook for 2016. See where the market is going and where it has been.
Do you agree or disagree???
I get asked this by other realtors all the time.
Why in the world do you DO short sales?