New Short Sale Rules - San Diego North County Real Estate

New Short Sale Rules - North County Homes

See Current Short Sale Listings of ALL San Diego North County Homes

Home Affordable Foreclosure Alternatives

Starting in April of 2010, the federal government starting offering financial incentives to push San Diego North County short sales through a program called Home Affordable Foreclosure Alternatives (HAFA). The program is designed to spur North County home sales, and it specifically imposes new requirements on lien holders, including requiring certain debt forgiveness, an abbreviated time frame to respond to short sale offers, and provides government payments to San Diego homeowners (for moving and/or relocation expenses), servicers, and lien holders. Gary Harmon, your North County Realtor, is a certified "Short Sale Specialist." More details will be added as they are available on this new North County short sale program.

The Need for Change

In the current distressed San Diego North County real estate environment, where many mortgage loan borrowers owe more on their San Diego homes than their North County properties are worth and some have opted to simply walk away from their homes and mail in their keys, so-called short sales have become favored transactions. For a long time, loan modifications were the primary strategy of the day for financially distressed San Diego homeowners. However, the results for loan modifications have been anemic at best. That is why the federal government has developed Home Affordable Foreclosure Alternatives.

What is the "Definition of a Short Sale?" Get a summary of "Short Sale Basics." Find out "How to Qualify for a Short Sale." Find, "What are the Advantages of a Short Sale." And see "Short Sale Supporting Documentation" a lender may need.