Realty World - Silverado » Mortgage loan http://rwsilverado.com Serving you since 2004 | 925-957-0800 Thu, 10 May 2012 06:58:01 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 HARP – the magic bullet for housing and the economy? http://harlangriswold.com/2012/02/03/harp-the-magic-bullet-for-the-housing-market/ http://harlangriswold.com/2012/02/03/harp-the-magic-bullet-for-the-housing-market/#comments Fri, 03 Feb 2012 20:29:00 +0000 Harlan Griswold III http://rwsilverado.com/2012/02/03/harp-%e2%80%93-the-magic-bullet-for-housing-and-the-economy/ There is excitement among under-water homeowners and others, about the newest program coming from the Government, called HARP. HARP stands for Home Affordable Refinance Program; it’s known informally as the “short refinance”. It will allow homeowners with no equity and those who owe more than their home is worth, to refinance into today’s record-low interest [...]

]]> http://harlangriswold.com/2012/02/03/harp-the-magic-bullet-for-the-housing-market/feed/ 0 Homeowners Why Do a Short Sale? http://rdillion.com/2011/02/homeowners-why-do-a-short-sale/ http://rdillion.com/2011/02/homeowners-why-do-a-short-sale/#comments Thu, 24 Feb 2011 02:12:00 +0000 Rick Dillion http://rwsilverado.com/2011/02/23/homeowners-why-do-a-short-sale/ Oh, for the good old days when you met with a prospective seller and listed the home, brought the offer and everyone was happy! Now, I’m meeting with sellers who are far from happy. They are stressed and under duress.   Being upside down (owing more than the home is worth) is so common that perhaps a definition of the meaning is no longer necessary.
“My credit is ruined. I am months behind on my mortgage payments, credit cards, and I can’t even pay my water bill. ” said a upside down homeowner. “I lost my job, my car was repossesed. Then the mortgage payment increased. Why should I worry about a short sale?”
Well, many homeownersdon’t worry about it.  They don’t answer the telephone or return calls.  They are in denial of the situation and just maybe it will just go away.  But there is light at the end of the tunnel and it doesn’t have to be the REO Train.  Under HAFA rules the homeowner will get up to $3000 for moving expenses if the homowner qualifies.  Losing a job certainly does.  Also, bouncing back financially and becoming credit worthy will take only about two years with a short sale but over seven years with a foreclosure.  A HAFA short sale also extends the time period for the homeowner to stay in the home as the auction date is extended.
HAFA rules that had been established  are changing. The latest rule change is that you now can qualify for HAFA even if you have already vacated the home.
Why do the banks like HAFA short sales over foreclosures?   The banks are trying to avoid the higher cost of the foreclosure process and the legal entanglements that go along with it. The banks are now realizing the value of the short sale process.  This wasn’t the case a few months ago. 
Take action as time is of the essence. Call your local HAFA certified or Short Sale & Foreclosure (SFR) certified Realtor today to see if you qualify for a HAFA short sale.
Related articles

Want Out? (3driblog.com)
Home Affordable Foreclosure Alternatives (HAFA)(massrealestatenews.com)
3 Ways on How To Stop Foreclosure(marketersdaily.com)

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