Hope for Struggling Home Owners in stockton and Lodi ( Short Sales and Loan Modifications)
It's no secret that Stockton and San Joaquin County have been ground zero for foreclosures and short sales. I work every day with home owners underwater in their mortgages and face losing their homes and ruining their credit for years to come. The United State Treasury Department introduced the Home Affordable Foreclosure Alternatives known as HAFA, to provide viable options and help for distressed home owners. HAFA takes effect on April 5th 2010.
One of the big problems with loan modifications and short sales has been the inordinate amount of time to receive answers from the mortgage holder. This has plagued both home buyers and home owners; short sales and loan modifications have become dirty words. The vast majority of loan modifications do not work. The only options for the home owner after a failed loan modification attempt are a Short Sale or Deed in lieu of foreclosure. This act provides shortened time lines for acceptance of short sale approval. In many cases you can get approval for short sales even before your home is listed on the real estate market. Some of the financial incentives with the HAFFA program:
- $3,000 for borrower relocation assistance
- $1,500 for servicers to cover admin costs.
- Up to $2,000 for investors who allow a total of up to $6,000 to be distributed to other lien holders
There are a lot of sharks out there promising to help home owners help with loan modifications for an upfront fee and that is illegal. Never, Never pay a fee for this service.
There are a lot of details to this program and we can help. Every day, we work with at-risk homeowners in Stockton, Lodi and surrounding communities to identify the best options to help you through this difficult situation. We are HAMP and Haffa Short Sale certified and have expertise in helping you find the best solution. We are deeply committed to this effort.. And it's part of our special obligation to American public. An obligation to support the recovery of the U.S. and Stockton's economy and to help those who have helped us. Let's talk about it. Call Hugh Lilly Realtor at 209-479-9222 for a no obligation consultation or register at www.hughlilly.com .