$3,000 Credit for Primary Home Owners in Distress in Foreclosure Status

Miami real estate market has had a great number of home owners who no longer can afford to pay on their mortgage. Once you are faced with this problem most people throw up their hands and stop paying on their mortgage. If you are one of those people or if you know someone who is in this situation please read on. There is a program currently in place called a HAFA Short Sale. This Stands for the Homeowner Affordable Foreclosure Alternative program. This is a benefit to a distressed seller for the following reasons.

When you sell the home, the bank cant ask you to come to closing with money to make the short sale go through. Most banks now are requiring some good faith money for them to accept a short sale. This can range anywhere from $500 to Signing a promissory not to pay a portion of the balance of the mortgage for 20 to 30 years. With the HAFFA short sale there is no concern as you do not have to pay these fees.

The Second benefit of this program is the seller will be paid $3,000 at closing for moving costs. This is much better than having to pay the bank to make the deal go through.

Here are some Qualifiations for the Borrower

· The property must be the borrower's principal residence.

· The loan was originated on or before Jan. 1, 2009.

· The loan is delinquent or a default is reasonably foreseeable.

· The unpaid balance on the mortgage is less than $729,750 (higher for two-to-four unit properties).

· The total monthly mortgage payment exceeds 31 percent of a borrower's gross income.

For properties that qualify under HAFA rules, real estate licensees and brokers must adhere to the following limitations:

· There can be no agreements to share any portion of a commission after the deal closes to the buyer or seller. This negates any form of commission rebate offered by some licensees.

· The transaction must be "arm's length," meaning the buyer, seller and Realtor cannot have a personal or familial relationship.

· A real estate licensee cannot earn a commission through the sale of his or her own house.

· A buyer must agree to not resell the home within 90 calendar days.

• A seller cannot have any expectation of buying or renting the property back after the sale

If you need more information on this program or if you are looking to buy or sell Miami Real Estate you can log on to www.miamiforeclosurelifeline.com

Thank You,

CLaudio Rivero

South Florida Brokers & Associates

786-942-1194 direct 786-220-4034 Foreclosure hotline

www.miamihomevaluetrend.com (Free monthly report on your property value!!)

www.miamiforeclosurelifeline.com ( Information to avoid foreclosure or short selling)

www.miamirentseekers.com ( Free list of rentals)

www.claudiorivero.com (Free list of Luxury and Foreclosure listings)

www.findmiamibeachcondo.com (Free list of condos)

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