Homes In Phoenix For Sale

In Arizona, HAFA Short Sale Program Makes Quicker Work of Selling Your Home

Most Phoenix and surrounding area homeowners realize that a short sale can take a considerable amount of time.  Now, the HAFA (Home Affordable Foreclosure Alternatives) is making it easier for those who cannot meet monthly mortgage payments or secure a permanent loan modification to sell their home in a relatively short time period.  A Phoenix short sale realtor can explain the process to homeowners in depth, so that they can make an informed decision regarding their particular situation.

The purpose of the HAFA program is to provide incentives in connection with a DIL (deed-in-lieu of foreclosure) or a short sale.  A DIL is used to avoid foreclosure on a loan that is eligible for modification under the HAMP program.  In Phoenix, Arizona and surrounding cities, homeowners who are upside down in their mortgage are looking for a way out other than foreclosure, and this is one very attractive option.  Here are a few facts about the program:

Are you eligible?  Here are a few of the qualifications:

Must meet basic eligibility criteria for the HAMP program.

The property must be your primary residence.

Your mortgage is behind or foreclosure is clearly in the near future.

Your monthly mortgage payment is more than 31% of your monthly gross income.

Your mortgage must be serviced by a lender who participates in the HAMP program, but the majority of them do.

Here is a basic scenario of how the HAFA short sale program works for the homeowner:

You, as the homeowner, apply for a home loan modification.  Your lender then reviews your package, and determines that you do not qualify.  At this point, the lender counter offers with an approved short sale agreement.  Now that you are approved to do a short sale on your home, it is time to contact an Arizona short sale realtor to list your property and begin marketing it in order to find a buyer.  Once a buyer is found for your home, they make an offer and if accepted, closing can take place in as little as 30 days from contract acceptance.

Anyone who has been through the short sale process knows that in certain circumstances, it can take several months to sell your home.  Now, the HAFA program is making it much easier and faster for homeowners who are facing foreclosure or must get out of their Homes because they can no longer afford their mortgage.  Contact a reputable Certified Phoenix short Sale real estate agent today, and learn more about a possible solution for the heavy load you are carrying.

Maureen Karpinski

Find your <a href=http://www.cactuscountryproperty.com/city/phoenix.htm>Phoenix Arizona Property</a> at Cactus Country <a href=http://www.cactuscountryproperty.com>Arizona Homes & Properties</a>

About the Author

Maureen has been in the real estate industry for 36 years as an agent and broker/owner of her own company. She prides herself in successful negotiation for both buyer and sellers and in building successful portfolios for investors. She is proud of her Agent friendly office environment that is her own creation and the caliber of real estate agents she has working for her

Phoenix Short Sale Homes | Phoenix Real Estate- Gilbert AZ | 2605 Harrison

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