HAMP, Short Sales, HAFA…what do I do if my payment is too high?

Are you living with a mortgage payment that is too high?  We can help!

1.      HAMP (Home Affordable Modification Program)-If you are working and have a steady income, you can call your bank and apply for a loan modification.  You give your bank all your financials and they see if you qualify to get your payments, and maybe get your loan balance reduced.  For more information on this type of program call your bank or you can go to www.makinghomeaffordable.gov or call 1-888-995-HOPE (4673).

2.      Short Sale-If you do not have a job or do not qualify for a loan modification, your bank wants you to short sale your home if you are not able to keep up with your payments.  In this process the bank accepts a price based on fair market value which is less than what you owe on your home.  In this way you “work out” the terms with your lender which damages your credit less than if you foreclose and default.  The GREAT news is that lenders are really pushing for short sales, as they lose less money than foreclosing.  There are many new regulations as of April 5, 2010 that make the short sale process much faster and easier for everyone involved.  Call us for details.

3.      HAFA (Home Affordable Foreclosures Alternative)-This program started as of April 5, 2010 as well.  If you do not qualify for a loan modification through HAMP banks are sending letters out letting you know that you qualify to short sale your home for a certain price.  If you get an offer for that price or more the bank has to accept it within 10 days!  The bank also offers you funds to move out.  All you need to do is find a trustworthy realtor like us who knows the short sale business to help you out!

If you need help with 1, 2 or 3 we’d love to help for FREE!  That is right.  There is no charge to assist you with a loan modification, or if we help you short sale your home, the bank pays the realtor and closing fees.

We’d love to sit down with you and discuss these options in detail without any pressure.  We are here to help!

Call us today for a Free Confidential Consultation, 760-715-8899.