Short Sales

                                                              Short Sale

A short sale is a program under Home Affordable Foreclosure Alternatves (HAFA) that allows you to sell your home for less than the balance remaining on your loan, and allows you to pay off this balance with the proceeds from the sale.  Your mortgage company must agree to your short sale.

Requirements to conduct a Short Sale:
          -  The borrower is:
                    - An owner occupant of 1-4 unit property
                    - Has sufficient documented income to support the modified payment
                    - Has financial hardship and is delinquent or at risk of imminent default
          -  The loan:
                    - Amount owed on 1st mortgage is equal to or less than $729,750
                    - Mortgage was originated on or before January 1, 2009
                    - First mortgage payment (PITI + HOA fee) is greater than 31% of borrower's gross income
          -  Documentation:
                     - Request for Modification and Affidavit Form (Click Here)
                     - Signed 4506T-EZ or 4506T (Click Here)
                     - Signed copy of most recent (2009) Tax Return
                     - Two most recent paystubs or evidence of income
                     - Most recent utility bill
                     - Property must be listed with a realtor
                     - Letter of Authorization allowing your lender to speak to the realtor throughout the short sale process
                  
Per HAFA guidelines, you will be evaluated for participation within 30 calendar days of failing to qualify for HAMP, failing to successfully complete a HAMP trial period, are delinquent on a HAMP modification and/or you request a short sale.