Short Sale programs like the Home Affordable Foreclosure Alternatives (HAFA) is a federal government program to help homeowners who cannot afford to pay their mortgages....want to avoid foreclosure..... and have exhausted all other loan modification options.  The homeowner must meet certain hardship eligibility criteria, e.g., a divorce, loss of job, death of spouse or change in household income.Short sale programs allows homeowners to sell their home as a short sale or in layman’s terms -- selling the home for less than the outstanding mortgage balance.  The lender will settle any outstanding mortgage debt and offer homeowners other benefits.  Depending on the mortgage lender, these benefits could include relocation assistance up to $3,000 to those homeowners who must vacate after completing the HAFA short sale or a deed-in-lieu of foreclosure.  Depending on your mortgage lender you may be entitled to other incentives that are available to eligible homeowners.The best time to … [Read more...]