Posted by: Catherine | April 8, 2010

Short Sales and HAFA guidelines, plus an article outlining Government intervention in the foreclosure crisis


So, like many in Contra Costa who bought in the last few years, you’re probably upside down on your mortgage. You owe MUCH more (in many cases) than your home can sell for.  So what to do?  In addition to all the reasons you can claim a hardship and walk away, or short sell, or foreclose – I think that banks are going to have to start to look at other reasons people are going to need relief.  What if you bought a tiny 1 bedroom condo when you were single 3 years ago. Now you’re married, have a kid, and another on the way and your condo is worth less than half of what you owe.  Oh, and even if you’re willing to take a loss on the monthly rent and find a tenant, what if your HOA won’t allow you to rent? Wow, what a dilemma huh?  Well we’ll talk about that another day, but for now, here’s some recent news and articles that you may find interesting.

National Association of Realtors responds to the new HAFA guidelines.  Good informational video if you’d like to see what the HAFA guidelines really mean.

Understanding HAFA: Federal Short Sale Rules

Then, an article from the Foreclsoure Truth blog from Foreclosure Radar and it outlines The Impact of Government Intervention in the Foreclosure Crisis.

CNN also published a recent article:  Don’t foreclose, do a short sale.  Short Sales: A better alternative to mortgage modification.

If you need to sell your home, and think a short sale is your best option.  Call me . I offer free consultations and can help those in Contra Costa and parts of Alameda and Solano Counties.  I can also provide referrals to experienced agents outside my immediate area.

Catherine Myers
Broker Associate DRE Lic 01337828
Windermere Bay Area Properties
Walnut Creek, Clayton, Concord, Pleasant Hill, Martinez, California
925-683-2125

www.DiabloValley.net
Search homes for sale and get community information for Contra Costa including Walnut Creek, Concord, Clayton, Pleasant Hill, Martinez and surrounding areas.  Get short sale information, foreclosure avoidance resources and more.


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