Albuquerque Short Sale Home Affordable Foreclosure

Home Affordable Foreclosure Alternatives (HAFA) Albuquerque Short Sale

Are you struggling to make you house payment?  An Albuquerque short sale is one of many options for you to avoid foreclosure. A federal program called HAFA is a great option if you qualify.  Contact John Myers at 505 401-7500 to discuss all your options.

Homeowner Benefits of HAFA Program Albuquerque Short Sale

Compared to traditional Albuquerque short sale process:

• Quickest option for an Albuquerque short sale decision when there is no offer.
• Faster decisions: in 10 days once an offer is submitted for Albuquerque short sales.
• A lender-recommended list price is provided before listing the home in an Albuquerque short sale.
• Deficiency is waived after the Albuquerque short sale is completed.
• The mortgage debt will be settled through the program.
• No legal action can be taken against the outstanding mortgage debt after completing the Albuquerque short sale.
• $3,000 at closing for relocation assistance for homeowners after the Albuquerque short sale is completed.
• No cash contribution or promissory note is required to release any lien after completing the Albuquerque short sale.
• The foreclosure process was put on hold.

Requirements for HAFA Eligibility*

The Albuquerque homeowner has:

• Exhausted all loan modification options and/or
• Decided to pursue an Albuquerque short sale or deed in lieu of foreclosure.
• The property is the Albuquerque homeowner’s primary residence.

The mortgage:

• Originated on or before Jan. 1, 2009, for the 1^st lien.
• Is delinquent or default reasonably foreseeable?
• The Albuquerque homeowner must contact their bank to determine the likelihood of default.
• Has an unpaid principal balance of less than $729,750 for 1-unit Albuquerque homes.
• Higher balances are available for 2-4 unit properties.
• No properties with more than four units are allowed.

This federal government program helps Albuquerque homeowners who:

• They can’t afford their first mortgage.
• Want to avoid foreclosure?
• They have exhausted all loan modification attempts and can’t keep their home.

The federal government specifies aspects of the program, including:

• Customer qualification requirements.
• The process used by the servicer.
• Decision timeframes

The program:

• Albuquerque homeowners can sell their homes through a short sale and settle mortgage debt.
• Offers financial incentives to borrowers who complete a HAFA short sale or deed in lieu of foreclosure

Investor participation:

• Fannie Mae and Freddie Mac implemented their versions of HAFA in 2010.
• FHA, VA, and Ginnie Mae loans are not yet covered by a HAFA-type program.

Myers & Myers Real Estate

We have some of the best in the business. Whether you’re looking to buy house or sell a house, our real estate agents have the knowledge & expertise to get the job done.

Our team is here to help you and make the process as stress-free as possible. Myers & Myers Real Estate has been helping home buyers and sellers since 2010.

Customer service is the cornerstone of our business, and we’re available to answer your questions. We have top-notch, experienced, and knowledgeable Realtors®.

If you’re looking for a quick and hassle-free way to sell your home, visit our sell my house fast Albuquerque page to learn how we can buy your house for cash.