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The highly anticipated Home Affordable Foreclosure Alternatives program (HAFA) went into effect on April 5th. (this is BIG news!) We've entered a new era of streamlined short sale approvals, check out this link for full details of the Home Affordable Foreclosure Alternatives Program (HAFA).
Here's a couple of the highlights of the new short sale process:
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Pre-approved short sale terms (including minimal acceptable price) before listing
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Short sale approval of a buyer's offer in 10 business days
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Borrower's full release from future liability of mortgage debt
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A $3,000 incentive for borrower relocation!
Finally! HAFA provides a dignified exit strategy for homeowners with a legitimate financial hardship. If you've been denied a loan modification and have exhausted all other options, don't let the bank foreclose and destroy your credit for years to come. The new HAFA program will allow you to short sale your home with minimal damage to your credit and walk away with your head held high.
If you are upside down in your home, we can help you evaluate your options to avoid foreclosure. All members of Team Steele are Certified Distressed Property Experts (CDPE) and Orange County short sale experts. We have counseled countless upside-down homeowners on the steps to save their home... and helped several more walk away via a short sale solution that provided their first step toward rebuilding a stable financial future. For more info check out our Orange County Short Sales & Foreclosure Avoidance Services.
Foreclosure Real Estate Bidding Frenzy (Yes, it´s happening again!)
Of course you already know that California leads the nation in real estate foreclosures. But did you know that many short sales and foreclosure listings (aka: REO's - Real Estate Owned by the banks) are receiving multiple offers in the first couple of days on market? Did you know that some of these bank owned homes are even selling for 10% or more over asking price? If you are serious about buying a foreclosure home... give me a call to discuss winning strategies. I can help you negotiate a lucrative deal on a foreclosure real estate listing anywhere in the area!
GREAT NEWS-Congress extends the homebuyer Tax Credit!
The Senate voted to extend the $8,000 first time buyer tax credit to April 30, 2010. In addition, a new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years. Check out this Tax Credit Comparison Chart for income limits and effective dates. Give us a call and we'll walk you through the home buying process!
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