For homeowners who are struggling to make their monthly mortgage payments it may be time to consult with your Santa Monica Short Sale Agent. Thanks to the numerous short sale incentive programs currently available you may be able to avoid foreclosure while also receving relocation assistance or tax breaks. These opportunities will not be around forever and it is important to learn about what you qualify for with your Santa Monica Short Sale Agent.
These programs are available from both private lenders and also federal entities through Fannie Mae or Freddie Mac. These federal programs may be more common given the large majority of mortgages owned by Fannie Mae. Programs like HAFA and the Mortgage Debt Relief Forgiveness Act are in place for homeowners with a Fannie Mae backed loan and offer some incredible incentives. HAFA provides homeowners who qualify up to three thousand dollars in relocation assistance as well as a deficiency waiver from their lender. This money has no strings attached and can be used for getting caught up on bills or for a down payment on your next home. The deficiency waiver is important because it protects a homeowner from any future legal action by their bank for the debt that is forgiven. Likewise, the Mortgage Debt Relief Forgiveness Act provides a tax waiver to homeowners for any additional taxes brought on by their short sale. Programs available through private lenders will require that your loan be both owned and serviced by the bank. These programs have awarded homeowners up to fifty thousand dollars simply for completing a short sale.
Contact your Santa Monica Short Sale Agent today to learn more about these great programs and what you may qualify for. At Toni Patillo and Associates we have been helping homeowners avoid foreclosure for years and want to be your trusted Santa Monica Short Sale Agent.