Sacramento California MHA Request for Short Sale

State:
Multi-State
County:
Sacramento
Control #:
US-FORECL-09
Format:
Word; 
Rich Text
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Description

This form is used by a homeowner/borrower to request approval from a lender for a short sale under the Making Home Affordable Program.

Sacramento, California MA Request for Short Sale: A Comprehensive Guide Introduction: The Sacramento, California MA (Making Home Affordable) Request for Short Sale is an integral part of the government's efforts to assist homeowners in financial distress. This program aims to provide relief to homeowners in Sacramento who are struggling to meet their mortgage obligations. In this detailed description, we will explore the purpose, eligibility criteria, and various types of MA requests for short sale available in Sacramento, California. Purpose of the Sacramento MA Request for Short Sale: The MA Request for Short Sale in Sacramento offers eligible homeowners an alternative solution to foreclosure when they are unable to afford their mortgage payments. A short sale allows homeowners to sell their property for less than the outstanding mortgage balance, with the lender's approval, thus avoiding foreclosure and reducing potential credit damage. Eligibility Criteria: To determine eligibility for the Sacramento MA Request for Short Sale, homeowners must meet certain criteria, including: 1. The property in question must be the homeowner's primary residence. 2. The homeowner must be facing financial hardship, such as loss of job, divorce, medical expenses, or reduction in income. 3. The outstanding mortgage balance should exceed the current market value of the property. 4. The homeowner must demonstrate the inability to continue making mortgage payments. Types of Sacramento MA Requests for Short Sale: 1. MA Home Affordable Foreclosure Alternatives (HAIFA) Short Sale: The MA HAIFA program provides standardized procedures and incentives for a short sale. It offers benefits such as relocation assistance of up to $10,000 to eligible homeowners and streamlines the short sale process, reducing the required documentation and approval time. 2. MA Traditional Short Sale: Homeowners who do not qualify for the MA HAIFA program may still be able to pursue a traditional short sale. This option allows homeowners to negotiate directly with their lender and potential buyers to sell their property at a mutually agreed-upon price. 3. MA Cooperative Short Sale: The MA Cooperative Short Sale program enables homeowners to sell their property to a nonprofit organization that then resells it to the homeowner at an affordable price. This approach benefits both the homeowner and the community by preventing foreclosure and preserving affordable housing options. 4. MA FHA Pre-Foreclosure Sale: Designed specifically for homeowners with FHA-insured loans, this program allows eligible participants to sell their property and avoid foreclosure. The MA FHA Pre-Foreclosure Sale assists homeowners in requesting short sales directly through their FHA-approved lenders. Conclusion: The Sacramento, California MA Request for Short Sale offers homeowners facing financial hardship a lifeline to avoid foreclosure and alleviate their mortgage burden. The program provides various options, such as the MA HAIFA Short Sale, Traditional Short Sale, Cooperative Short Sale, and FHA Pre-Foreclosure Sale, enabling homeowners to choose the most suitable path based on their circumstances. By successfully navigating the MA Request for Short Sale, Sacramento homeowners can regain financial stability and protect their creditworthiness.

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How to fill out Sacramento California MHA Request For Short Sale?

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FAQ

An unapproved short sale consists of an outright rejection of the short sale; a counter offer of certain terms; or an approval with terms not initially agreed upon by seller and buyer.

If the seller can show the bank that a short sale is a better option than a foreclosure, then the bank will approve it. That is typically how you get an approved short sale.

How long does a short sale take? One California-based agent has estimated it takes about 60 to 90 days on average for a lender to approve a short sale deal and that's after receiving the full offer.

For a regular home sale, the seller would use the proceeds to pay off the original loan. In a short sale, the home sells for less than the seller owes, so the lender won't get all their money back. As a result, the original lender must agree to the sale. The seller must prove they have no other option.

A short sale is a pre-foreclosure residential real estate transaction where the owner of the mortgage loan, the lender or lien holder (hereinafter sometimes "Lender"), agrees to (i) allow the home owner to sell his or her property for less than -- or "short" of -- the outstanding amount owed on the mortgage loan, and

To qualify for a short sale, a homeowner must also prove financial hardship. A seller may even need a hardship letter or pay stubs proving he or she can't possibly catch up on mortgage payments and avoid becoming an REO property (foreclosure).

The Short Sale Process For Buyers: 6 Steps Step 1: Get Approved For Financing. As with any home purchase, the first step is getting approved.Step 2: Get A Real Estate Agent And Find A Home.Step 3: Do Your Research.Step 4: Make An Offer.Step 5: Have The Home Inspected.Step 6: Close On The Property.

A short sale approval letter is a letter that a lender issues to the seller if a short sale offer is approved for less than the amount the borrower owes on a mortgage. It's issued by the lender at the end of a short sale to demand the "short" loan payoff in return for releasing the lien on the property.

For a sale to be considered a short sale, these two things must be true: The homeowner must be so far behind on payments that they can't catch up. The housing market must have gone down so much that the house is worth less than the remaining balance on the mortgage.

You can expect the short sale process to take a few months, but the exact timeline will depend on how long each step takes. You can expect to spend up to 30 days waiting for the bank to receive the file, up to 30 days with each negotiator you need to work with, and roughly two to eight weeks waiting for final approval.

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If the Addendum differs from an item in the rental lease, the Addendum takes precedence. The landlord does not fill out this form.Fourteen servicers, including the five largest, signed contracts and began modifications and refinancings under MHA. Reviewing their application and lied to Treasury about the reasons.

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Sacramento California MHA Request for Short Sale