Charlotte Real Estate, Foreclosures, Short Sales

How Much Time Do You Have?

Help is available for homeowners who own a home with a mortgage insured by the Federal Housing Administration (FHA).  If you are finding it difficult to keep your mortgage payments current or if you are actually in default, you may be able to take advantage of the FHA Pre-foreclosure Sale (PFS) Program to sell your home.  What does it require?

To participate in the program, homeowners must be willing to commit to actively market their home for 3 months.  During the marketing of their home, the lender will delay foreclosure proceedings.  Once the home is successfully sold close to present fair market value, the homeowner may receive a cash payment from FHA of up to $1,000.00 to help the homeowner transition to more affordable housing. 

A similar program is available for homeowners with a mortgage guaranteed through the Veterans Administration.  The VA Compromise Sale Program will help homeowners avoid foreclosure. 

 Some of the requirements for the VA Compromise Sale include:

• The property must be sold at fair market value.
• The closing costs must be reasonable and customary.
• The compromise sale must be less costly for the Government than a foreclosure.
• There must be a financial hardship on the part of the seller.
  

Do you need more help?  Do you need more information on this program and other programs to avoid foreclosure?

Yes, I need more help.  I need information on short sale, HAFA, HAMP and loan modification programs.