There’s lots of information floating around about Obama’ new Making Home Affordable Plan (HAMP) and the Home Affordable Foreclosure Alternative (HAFA). Attached you can read the letter that you will be receiving from your bank if you are trying to get a loan modification through the HAMP program. This letter lays out the terms you will be offered from your bank should you choose to do a short sale. This letter is the form letter and the terms offered to you will be based on your specific situation.
Here’s some of the major points:
1. Must sell home within 120 days
2. Seller may work with Real Estate Brokers to sell home
3. Up to $3,000 is being paid to 2nd Lien Holders (ie. 2nd Mortgage or Home Equity Line)
4. Up to $1,500 to seller at close of escrow for moving costs
Please read the letter and contact me so that I can assist you.