Overview
If you want to sell your house but it is worth less than the amount remaining on the mortgage, a short sale may allow you to sell your house and settle your mortgage debt.
By completing a short sale rather than allowing your house to go through foreclosure, you avoid eviction and your house will not be sold at a public sale or auction. Plus, depending on your circumstances, you could qualify for financial assistance to help with relocation costs.
To get started with a short sale, call us today at 1.866.880.1232.
I am considering a short sale and I have not received an offer yet
There are advantages to contacting us before you list your home for sale. With our Preapproved Price Short Sale programs, we can determine an appropriate selling price and start pursuing approvals before you list the property or receive an offer.
For a limited time, qualified property owners who participate in one of our Preapproved Price Short Sale programs, whether the Home Affordable Foreclosure Alternatives (HAFA) program or a Cooperative Short Sale, may be eligible to receive $2,500-$30,0001 in financial assistance.
If you have a Federal Housing Administration (FHA) insured loan, you must have the FHA’s approval before beginning a short sale that the FHA will accept. Also, with an FHA-approved short sale, you may be eligible for up to $1,000 in relocation assistance.
Preapproved Price Short Sale:
Home Affordable Foreclosure Alternatives (HAFA)
By selling your house in a HAFA Short Sale, as opposed to the traditional short sale process, you get a number of benefits.
- $3,000-$30,0001 for relocation assistance
- foreclosure process is halted
- deficiency waiver
definition: We waive the right to collect the difference between what you owe on the mortgage and the amount resulting from the sale of the home.
Preapproved Price Short Sale:
Federal Housing Administration (FHA) Short Sale
If you are approved for and successfully complete an FHA Short Sale, you will benefit in several ways:
- you may be eligible for relocation assistance
- foreclosure process is halted
- deficiency waiver definition: We waive the right to collect the difference between what you owe on the mortgage and the amount resulting from the sale of the home.
Preapproved Price Short Sale: Cooperative Short Sale Program
By selling your house in a Cooperative Short Sale, you get these and other benefits:
- an alternative if you do not qualify for HAFA
- $2,500-$30,0001 for relocation assistance
- foreclosure process is halted with approval of a purchase offer
I have received an offer on my house, but do not yet have approval to pursue a short sale
If you have received an offer on your house, and you are not already participating in one of our short sale programs, you will follow the traditional short sale process.
Traditional Short Sale Process
By selling your house in a short sale rather than going through foreclosure:
- you will avoid eviction
- your house will not be sold at a public foreclosure sale or auction
1 The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. With a Home Affordable Foreclosure Alternatives (HAFA) Short Sale the total amount will be no less than $3,000, but no more than $30,000. With a Cooperative Short Sale, the total amount will be no less than $2,500, but no more than $30,000. If the property is the principal residence of a tenant or other occupant, the occupant may be eligible to receive $3,000 of the relocation assistance. If you are eligible for an amount above the $3,000 HAFA relocation assistance, the additional amount will be paid to you. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which include but are not limited to the following: a full walk-through appraisal must be completed and you must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). If you are still responsible for a deficiency balance after the sale, you should be aware that this relocation assistance will increase that deficiency since it reduces the amount available to apply towards your mortgage debt. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, you will not receive the relocation assistance payment. The amount of any relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the property must close by September 26, 2013.
