Home Affordable Foreclosure Alternatives (HAFA) For Henderson Short Sales

Posted under Short Sales by Louie Frias

At this time, Fannie Mae and Freddie Mac are not participating in this program. To see if your mortgage is owned or guaranteed by them, simply call the toll-free numbers below or use their online lookup tools.

Fannie Mae
1.800.7FANNIE (8am to 8pm EST)
www.fanniemae.com/loanlookup

Freddie Mac
1.800.FREDDIE (8am to 8pm EST)
www.freddiemac.com/mymortgage
If your loan is with Fannie Mae or Freddie Mac, you may still qualify for other foreclosure alternatives. Call one of our home retention specialists at 1.800.846.2222 to explore your options.

You are living in the home as your primary residence*

The amount you owe on your first mortgage for your property is equal to or less than:

    * $729,750 for 1 unit
    * $934,200 for 2 units
    * $1,129,250 for 3 units
    * $1,403,400 for 4 units

You owe more on your home than it’s worth,

Your current mortgage was taken out on or before January 1, 2009.

Your payment on your first mortgage (including principal, interest, taxes, floor and hazard insurance, and homeowners association dues, if applicable) is more than 31% of your current gross income before taxes and deductions

You are experiencing a hardship (such as a job loss, divorce or medical emergency) and are unable to afford your current home loan.

Program at a glance:

Step 1: Call us to request a HAFA short sale and update us on your current financial situation. We’ll review your information and check your eligibility for a Home Affordable Modification or any other home retention program that would enable you to stay in your home.

Step 2: If you don’t qualify for a modification and want to sell your home, we’ll work to gain approval of your first mortgage HAFA short sale request. If you have a second mortgage with another lender, you will have to ask them for approval. Within approximately 30 to 60 calendar days, you’ll receive a Short Sale Agreement with the acceptable offer price.

Step 3: You will be given time to market and sell your home — typically 120 calendar days. You are required to work with a licensed real estate professional.

Step 4: Once you receive an offer, you have 3 calendar days to submit a Request for Approval of a Short Sale document as well as the offer letter. We’ll get back to you with a decision on the offer within 10 business days.

Step 5: If the offer is accepted, your house is sold and your mortgage and any other loans against the home are settled from the proceeds of the sale.

For more information, call our 24 hour toll free recorded hotline to get a copy of my FREE eBook,

“Should I Short Sale My Home?”

866.876.3905, Ext. 200