As a result of the mortgage crisis, many home owners have found that a short sale is far more beneficial than a foreclosure or a loan modification. With a short sale, a borrower is eligible to purchase another property in as little as 24 months. The borrower’s negative debt from the property is forgiven, giving them the opportunity to re-establish their credit.
During the short sale process, the borrower can stay in their property until the short sale is completed. Once the short sale process has been completed, you may receive up to $3,000 under the HAFA program. A short sale will allow you to stop a foreclosure proceeding and get a fresh start.
The top benefits to the homeowner:
- Negative debt on the property is forgiven.
- You avoid foreclosure, which can stay on your credit history for up to ten years.
- You can take pride in knowing that you sold your home and avoid the stigma of foreclosure.
- You will be eligible to buy another home in 2 years instead of 5 to 7 years under Fannie Mae guidelines.
- If your credit report does not reflect a 60 day plus late pay, you will be eligible to buy another home immediately under Fannie Mae guidelines.
- You may receive up to $3,000 under the HAFA program for a successful short sale.
- You may stay in your property until the short sale process is completed.
- The entire short sale process is FREE with California Home Assistance.