A new government program helps ease the short sale process.  The Home Affordable Foreclosure Alternatives (HAFA) program has set new rules that make the long, arduous process of a short sale much more streamlined and effective.  How is this possible?  For one thing, HAFA offers mortgage companies incentives to participate in their program.  If you are in danger of foreclosure, have tried a loan modification through the HAMP program but have not been successful and need to sell your home for less than you owe before the bank takes it back, the HAFA program may be able to help.

Previously, homeowners didn’t know the minimum amount a bank would accept.  So, they would put their home on the market at a price they thought was OK and had to wait for the mortgage company to approve or reject the offer.  This process could take several months.  But through the HAFA program, homeowners are allowed to get a preapproved agreement from the bank on the terms they are willing to accept.  Another great outcome through the HAFA program is that the lender also must accept the proceeds from the short sale as payment in full for the seller’s loan.  They cannot try to collect the remaining balance after the sale is completed.

For homeowners to qualify under the HAFA rules, the property must be their primary residence, they have tried to do a HAMP loan modification, the mortgage was originated before January 1, 2009, the homeowner is either delinquent on payments or is in danger of foreclosure, the monthly mortgage payment is more than 31% of the homeowner’s gross income, the balance of the loan is under $729,750 and the homeowner can prove hardship.  Only mortgages guaranteed by Fannie Mae or Freddie Mac will be considered.

Take advantage of the HAFA government program to ease the short sale process.  If you are looking at purchasing or selling a home in a short sale in the Hendersonville real estate market, please contact me today.  I can help you!

Don't get a lemon. Contact Rich Cooke for all your Hendersonville real estate needs.

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Henderson County’s very own Jan King is named North Carolina’s Principal of the Year.  Jan King is principal of Mills River’s Glenn Marlow Elementary School.  Already named Henderson County Principal of the Year, Ms. King went on to win the regional title as well.  That put her in the running with seven other regional winners to ultimately win the Principal of the Year honor for the entire state.  As the 2010 winner, Ms. King will serve on the State Superintendent’s Principal’s Advisory Committee, serves as a State Board of Education advisor for one year, serves on the Board of Directors for the North Carolina Public School Forum for one year and will head up the selection committee for the 2011 Wachovia Principal of the Year.

Please join me in congratulating Henderson County Principal Jan King for being named North Carolina’s Principal of the Year.  It’s an honor richly deserved and shows the hard work and dedication of our Henderson County Schools to the education of our children.  Way to go, Principal King!