This man’s home had been listed for several months and had been in contract with three different buyers. Another point of frustration for this Folsom Short Seller.
This Folsom Short Seller’s agent had never mentioned HAFA to him or Explained how HAFA worked or the benefits of HAFA .
He wondered how he could find out it he qualified for HAFA and was kind of upset that his short sale agent had not even mentioned this program even though she knew his situation and that the HAFA Relocation Assistance would really help him out. This man had been in middle management for a huge Construction company and had been out of work for over eighteen months and was just getting ready to move his family to Texas, where he had finally found a job.
The other call was from a nice Folsom Short Sale prospect who had already moved to Texas (seems to be a trend!) and she had sold all but one of her several Sacramento area income properties in 2004 and 2005 and re-bought rentals in Texas. The one property she still had was in Folsom and had been her parents residence (This lady had also lived in Folsom quite close to this property).
She also asked about HAFA and whether she could qualify for it. I told her that HAFA is for homeowners, not investors. We went on to talk and because of her situation, (her husband had just lost his job and she was a long ways upside-down on a monthly cash flow basis) she could do a short sale on investment property. I again told her that HAFA is for homeowner occupied but she could definitely do a traditional short sale on investment property. I explained that WHEN SHE DOES HER SHORT SALE PACKAGE, IF SHE COULD DOCUMENT THAT SHE WAS LOSING MONEY AND COULDN”T CONTINUE, SHE WOULD DEFINATELY BE ABLE TO SELL SHORT. I told her it was a must to state in her hardship letter to the bank, that she couldn’t go on and was looking at either short sale vs foreclosure . I told her that she would definitely be able to do a traditional short sale for this property.
More questions about how to short sell in Folsom? Questions about HAFA? Or just need someone to visit with about your particular situation? Contact us Today At Forth Hoyt’s Sacramento Short Sale Center