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)