Massachusetts Short Sales, how to eliminate the debt.
Massachusetts home owners struggling to make mortgage payments are often doing a short sale to eliminate their debt.
One of the most important things when doing a short sale of your Massachusetts home is to make sure that the debt has been eliminated.
Make sure you hire a Realtor with extensive short sale experience in Massachusetts.
With the help of a local attorney who is also an expert on short sales, the homeowner can be guided to make the process as easy as possible with the goal to not only complete the short sale but also to eliminate the debt.
It is important to eliminate the debt for many reasons including the fact that some mortgages are sold to collection agencies that can come after you and may be able to garnish your wages.
The Home Affordable Foreclosure Alternatives Program (HAFA) is a short sale program to prevent banks that hold second-lien loans from pursuing collections from homeowners after the short sale.
Under this HAFA program sellers will receive notice that their service company has steered part of the sales proceeds to secondary lien holders in exchange for release and full removal of their liens. It is important to understand however, that this release would apply only to short sales done through the Home Affordable Foreclosure Alternatives program. Not all lenders will be participating in this program.
So if you are doing a short sale make sure your representative gets the lender to sign off on a complete removal of debt on your property with the help of a team of experts.
About the author: The above Real Estate information on short sales was provided by Emmanuel Scibilia. Emmanuel can be reached via email at emmanuel.scibilia@nemoves.com or by phone at 617-669-6277
Posted at 01/07/2012 03:53 PM by
Emmanuel Scibilia
Categories:
Short Sales
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