Short Sale Recap

For a limited time, qualified property owners who participate in a Cooperative Short Sale or Home Affordable Foreclosure Alternatives (HAFA) program may be eligible to receive $2,500-$30,0001 in financial assistance.

 

If you have a Federal Housing Administration (FHA) insured loan, you must have the FHA’s approval before beginning a short sale that the FHA will accept. Also, with an FHA-approved short sale, you may be eligible for up to $1,000 in relocation assistance.

Cooperative Short Sale Program

 

By selling your house in a Cooperative Short Sale, you may get these and other benefits:

  • An alternative if you don’t qualify for HAFA
  • $2,500-$30,000 for relocation assistance
  • Foreclosure process is halted with approval of a purchase offer

 

Home Affordable Foreclosure Alternatives (HAFA)

 

By selling your house in a HAFA Short Sale, as opposed to the traditional short sale process, you may get a number of benefits:

  • $3,000-$30,000 for relocation assistance
  • Foreclosure process is halted with approval of a purchase offer
  • Deficiency waiver

 

Federal Housing Administration (FHA) Short Sale

 

If you’re approved for and successfully complete an FHA Short Sale, you may benefit in several ways:

  • You may be eligible for relocation assistance
  • Foreclosure process is halted with approval of a purchase offer
  • Deficiency waiver

Traditional Short Sale Process

By selling your house in a short sale rather than going through foreclosure:

  • You’ll avoid eviction; however, you’ll still need to vacate the home
  • Your house will not be sold at a public sale or auction

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