This means that
a mortgage modification will only help those homeowners
who are just out of reach of making their payments,
which is unfortunately not the case for most distressed
homeowners. With a financial hardship as impactful as
a job loss or a major drop in financial assets, tweaking
the interest rate on your loan is usually not enough
to make the mortgage affordable.
If we find that you are in a situation
that would benefit from a mortgage modification, I can
show you the best way to pursue this route. If not,
then a short sale may be your best option, and HAFA
makes that option even more appealing.
In addition to offering the $3,000 incentive
for a successful short sale, hafa holds the lender to
a set timeline so that the transaction doesnt
drag out unnecessarily. This lessens the chance of being
foreclosed upon in the middle of the short sale process.
A select few lenders and mortgage servicers
may not participate in the hafa program. But despite
this, a lender almost always loses more money in a foreclosure
than in a short sale or deed-in-lieu. If a lender is
convinced that a homeowner has no way of paying the
current mortgage, they will be concerned with salvaging
as much of their investment as possible, so short sales
are generally the best option for them as well.
If your lender is participating in hafa,
there is a set of criteria you must meet to be eligible
for the program. To find out your eligibility and lenders
participation, please contact me.
As a CDPE-designated agent, I have been
trained in the full range of options available to distressed
homeowners. I can assess your situation, help you figure
out your best options and help you move towards a solution.
I have invested myself in helping homeowners
who are struggling with mortgage payments because I
understand the unusually challenging times we are in,
and Im ready to help as many people as I possibly