Bank of America posted brand new videos that I found to be extremely helpful for agents, on several different complicated topics in regards to the rules of short sales. The first one and what I felt was most important is called, “Initiating the Short Sale”.

What exactly is a Short Sale?
An alternative to a foreclosure
An investor accepts an amount less than what is owed on the mortgage
Investor guidelines will determine the eligibility for short sale and foreclosure postponement

Short Sale Assistance:
- Can be up to #3,000 for Relocation
- Possibly eligible for HAFA  (Home Affordable Foreclosure Alternatives) program

How to Qualify for HAFA:
- It must be your primary residence
- The mortgage must have originated on or before January 1, 2009
- Delinquencies or default must be foreseen 
- All HAMP (Home Affordable Modification Program) options must be exhausted
- Unpaid principle balance must be less than $729,750 for 1-unit properties (varies per amount of units – cannot be more than 4)

CLICK HERE to see an informational video that goes more in-depth with these short sale processes

CLICK HERE to read more about our Short Sale specialist at Showcase Realty, and what some of his clients had to say about him!

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