Short sales are not that different today with the new HAFA ( Homes Affordable Foreclosure Alternative) than a few years ago, as most of the new forms are quite similar to what we have been using, and the information we request our sellers to submit is very close to the paperwork we have been working with in the past.
One of the aspects that has changed for HAFA short sales is “deed-in lieu”. After all, the deed of the home is the legal instrument to document that homeowners have possession of their home, and it is found in the county public records where the home is located.
Deed-in-lieu which now part of HAFA qualifications, is having the homeowner agree to give back their deed and right of ownership, leaving the home in good condition, keeping homeowner association fees or condominium fees current, and keeping all liens free and clear, except the mortgage.
Deed-in-lieu is considered when the property which started out as a short sale was unsuccessful in being sold, to avoid foreclosure. The deed-in-lieu borrower receives $3,000 for relocation costs, the same fee as a short sale borrower.
Contact Susan Penn, PA, EWM Realtor at 954-557-5993 or email penn.s@ewm.com
Work with an experienced Short Sale South Florida Realtor with approved short sales.
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