There are a number
of programs out there that you may or may not qualify for. It really comes down
to who services the loan, if you live in the property or not and who owns the
Note.
Let’s start with HAFA – the short sale extension of the federal HAMP program. Under HAFAyou may qualify for up to $3,000 in
relocation assistance if your loan is not owned by Fannie,
Freddie,
FHAor VA and the investor participates in HAFA. It is possible for the servicer to
participate but not the investor. To qualify for HAFA, the original loan had to have been
originated prior to January 1, 2009, have been less than 729,750 for a single
family residence and be delinquent or will become delinquent in the foreseeable
future. The property does not have to be owner occupied. The difference is the
renter will get the relocation assistance not the non-occupied owner.
If You have a Fannie Mae
backed loan, their version of HAFA still allows $3,000 for relocation
assistance however the property must be owner occupied, you must be 31 days or
more delinquent, cannot have cash reserves equal to or exceeding three times
the PITI or $5000 whichever is greater and the first mortgage monthly payment
must be more than 31% of the borrowers gross monthly income.
The Freddie
Mac relocation assistance program is the same as Fannie Mae
except there is no cash reserves clause and you must apply before you get an
offer on the property. If you have an offer before applying you will not
qualify for HAFAbut can do a traditional West Sacramento short sale.
The FHA program is slightly different and it does
depend on if the servicer is Bank of America or not. The Preforeclosure Sale
Program or PFS allows for $1000 in relocation assistance however, under a
recent settlement with the federal government you may be eligible for up to
$4,000 in assistance on a case by case basis.
The KeepYour
Home California Transition Assistance Program or TAP allows up to
$5,000 in relocation assistance to qualified borrowers. You must have household
income of less than 120% of the adjusted median income for your particular
county and your servicer must participate. If the servicer also participates in
HAFA you would get $3000 from HAFA and $2000 from KYHC
for $5000 total.
You can see there are a lot of
moving parts to these programs. Give me a call and we will help you sort it
out.
To get a better idea of when your West
Sacramento homewill be worth what you owe, log in to www.shortsaleandloanmod.info for a free
estimate or call me today for a free no obligation consultation and for the
latest West Sacramento short sale information. Call me today and sleep better
tonight; you’ll be glad you did
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