by Lesley Strong CRS
Coldwell Banker Residential Brokerage
6000 N Port Washington Rd
Glendale WI, 53217
Should I sell or should I stay? That is the question many homeowners find themselves faced with every day. With the increase of the various financial hardships sellers are faced with, they continue to struggle every month to make their monthly mortgage payment. The depreciation of the market values within the various communities has also made it a challenge to sell the properties for the principal balance that is currently owed on a seller’s property. Through the Making Home Affordable Program www.makinghomeaffordable.gov introduced by President Obama there were alternatives made available through this program to Homeowners to help avoid foreclosure. Some of the programs are listed below;
• Loan Modification (reducing mortgage payments)
• Refinance (Attempt to finance at lower interest rate)
• Deed in Lieu (Homeowner deeds the property back to the bank)
• Short Sale (Homeowner sells property for less than balance owed)
Short Sales are typically initiated once the homeowner is unable to successfully complete the first three options listed above. Through a short sale a homeowner is cleared of the remaining deficit balance on the 1st Lien Holder and is eligible to receive up to $3000 in Moving assistance funds.
For more information on Short Selling your Property please contact me directly for a consultation on how to get started.
So Who Is Eligible for HAFA?
Borrowers who are unable to retain their home under the HAMP program and their loan meets the following criteria:
1 The property is the borrower’s principal residence
2) The mortgage loan is a 1st lien originated on or before January 1, 2009
3) The mortgage is delinquent or default is reasonably foreseeable
4) Current unpaid principal balance is equal to or less than $729,750
5) Borrower’s total monthly mortgage payment exceeds 31% of the borrower’s gross income