Under HAFA, you get $3000 relocation costs which other short sale program may not offer. So if you're not concerned about getting that money, you don't consider whether to stay in that house as opposed to rent it out.
Short sales are for those with a hardship.
Living in the home may actually benefit you tax wise. See a CPA for tax advise regarding short sales primary residence meaning living in it or Income property. Trust me It is different than you think. I urge you to take the time to look into it. The mistake can cost you thousands and thousand of dollars and Uncle Sam does not relent.
Yes people who do not live in the home can short sell their property.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992
One of the reasons why short sales fail is because the property owner couldn't prove or didn't qualify for a real hardship, which can be one or a combination of several difficulties such as:
â€¢Loss of or reduction in income
â€¢Death or illness
â€¢Divorce or separation
â€¢Job relocation or transfer
â€¢Drop in market value (this plays a part most especially if someone were relocating for a job)
Do you qualify?
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
As a short sale specialist, I have the experience and knowledge to help you successfully complete the process in a timely fashion for free!!!. I have helped a lot of homeowners get rid of their debt and I can help you too!!! Call for free consultation.
Miriam Sandoval, Realtor
Intero Real Estate Services
Our team has successfully sold investment properties as short sales for our clients. The short sale lenders who control the transactions are interested in whether it is in their best interest to approve a short sale. You need to convince the lender that you have a hardship that makes it impossible for you to continue to make your mortgage payments. A hardship is not defined as simple having an â€œunder waterâ€ house. The lender granted a loan to you and expects that you will repay that loan. You need to be able to document to the lender who that is not the case.
You should meet with a Realtor (or two or three) to discuss the process and make sure that the Realtor whom you choose is someone with whom you feel comfortable. Short sales take a long time to finalize. You will be working with whatever Realtor you select for â€“ and this is just a guess â€“ six months or so. I have had short sales take two months and I have had them take nine months. Short sales have lots of moving parts. There may be tax and/or loan deficiency issues. You want to make sure, through a meeting with an experienced Realtor, that you understand what you are getting into.
â€¢ A hardship letter describing the homeowner's situation
â€¢ Two most recent pay stubs - or income/expense reports if self-employed
â€¢ Two most recent bank statements
â€¢ IRS Form 4506-T Request for Tax Return - requesting the past two years
You also need to give an authorization letter to your agent so she or he can negotiate the short sale on your behalf.
I do many short sales and the process is not as difficult as it used to be. If you need my help, please call me at 510-279-9580.
What I'm going to remind you is that you will be responsible for the property until the Escrow closes, maybe a year from now:
That means you will have to keep Insurance on it and you will be responsible for any Vandalism that occurs.