Posted September 19 2016, 3:30 PM PDT by Richard Eastern

U.S. Government $10,000 Short Sale Incentive Expires December 30, 2016

Posted in Short Sales by Richard Eastern

 

The federal government’s Home Affordable Foreclosure Alternatives (HAFA) Program is set to expire December 30, 2016. The program pays homeowners $10,000 to complete a short sale rather than go through the foreclosure process.

Since the application deadline for HAFA is only a few months away, it is important for homeowners to apply as soon as possible. A real estate professional who specializes in short sales can help you find out if you qualify for HAFA. 

 

Here are some of the benefits of the HAFA program:

  • The HAFA incentive is $10,000 cash.
  • The money can be used however the seller sees fit.
  • The program applies not only to primary residences, but also to second homes, vacant properties, and rental properties.
  • Once you complete a HAFA short sale, there is a waiver of deficiency, meaning you are released from paying any remaining mortgage debt.

 

For people with underwater mortgages who need to sell their home, HAFA is a great opportunity to get a much-needed infusion of cash.  You can get more details about the HAFA program here.

 

Do you qualify for a short sale?

HAFA is only available to homeowners who do a short sale.  Although every situation is unique, the basic criteria for qualifying for a short sale are:

  • You need to sell your home.
  • You owe more on your mortgage than your home is worth.
  • You have a personal financial hardship that will prevent you from making future payments. (Examples of hardship include loss of job, divorce, death of a spouse and medical emergency or illness.)

 

Find out more about short sales.

 

It is critical that homeowners considering a short sale meet with a professional to review their options and discuss the potential legal and tax implications.

 

 

Richard Eastern is a Windermere broker in Bellevue, WA and co-founder of Washington Property Solutions, a short sales negotiating company. Since 2003 he has helped more than 1300 homeowners sell their homes. You can learn more about Richard here or at www.washortsales.com.


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