Short Sale VS Foreclosure
What is a short sale? A real estate short sale is when your mortgage bank agrees to take less than what is currently owed on the unpaid balance. A short sale can provide mutual benefits for both the homeowner and the bank because it helps both parties avoid foreclosure.
One of the reasons banks are aggressively allowing people to short sale their homes is because of programs like the Making Homes Affordable Program otherwise known as HAFA. The HAFA Program provides many benefits to homeowners who are trying to short sale…
Benefits of a HAFA short sale include: Cash Incentives, No Deficiency, Foreclosure Protection
What are short sale incentives? Cash short sale incentives are used by banks to entice borrowers to short sale their homes. For instance, Bank of America has a COOP program that allows people to receive $2500 at closing. Bank of America also has state specific short sale programs that can also provide an additional $30,000 at closing.
Other banks have these programs as well; Chase has a great program that can allow the seller to receive up to $35,000. We have personally seen borrower’s walk from closing with checks so these programs are very much for real. In our guide it explains to you how to get started.
Our Government has the HAFA Program which will provide $3,000 at closing; we can help you identify what program you may qualify for.
This table shows the benefits of Short sale vs Foreclosure.
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