HAFA, established by the Treasury Department provides two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls "short" of the amount you still owe. In a Deed-in-Lieu (DIL), the mortgage company lets you give the title back, transferring ownership back to them. HAFA is primarily designed for borrowers (no longer just owner occupants) with a documented hardship who do not qualify for a loan modification under the Home Affordable Modification Program (HAMP). To view all Making Home Affordable Programs click on the link to the right.
Fannie Mae and Freddie Mac (the housing government sponsored enterprises, or GSEs) have issued similar guidelines for their own versions of the program. To see if Fannie Mae or Freddie Mac owns your loan and/or read more about these programs click on links to the right.
Not everyone will qualify for these government programs. For those who do not qualify, a traditional short sale can still be done. Since a real estate agent is a requirement to short sale a property, we can assist and represent you with the entire short sale process. To contact us or ask questions, call us or click here.
Choosing the wrong agent to represent you in a short sale transaction can be a costly mistake. If you are ready to list your property with an experienced short sale agent, get started by clicking here.
A short sale can be the solution to several issues. To find out if a short sale is possible for your situation, get a no-obligation evaluation by email or phone, by clicking here.
Property values are all over the map and change often. Short sale approvals are based on your property's value. To get a free valuation report on your property, click here.