Where are you today?

Wow, the information out there is overwhelming. What should you believe? How can you trust anything when everyone seems to want your money and at a time when you are already having difficulty keeping up with your mortgage payments?  Hopefully you found us and this site early in your process. Our goal here is education. If you can educate yourself as to your options you will be in a much better place to make the best decision regarding your home.

Are you in one of these places now . . . ?

• Late on mortgage payments and starting to gather information
• Up late because it’s hard to sleep when you are so stressed about your home
• Afraid that someone might knock on your door asking you to leave
• Just received a very scary letter from a law firm stating they are starting Foreclosure
• Ahead of the curve and trying to learn what you can do before it is too late

We can absolutely help you sort through all of it.

Please note as of January 31, 2011 the FTC has passed a new regulation on disclosures for anyone providing assistance to home owners in distress.  Basically no party is allowed to collect money from you up front to help you related to a loan modification or short sale.  They may be paid at the end if you agree to the terms offered by your bank(s).  But if you do not agree, you have the full right to say no and to not owe any fees to a Realtor or other provider.  We love this and are happy to share this disclosure and information with you.

IMPORTANT GOVERNMENT DISCLOSURE:

Bradley Group Realtors 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 rating.

What Short Sale Program is Best for You?

Did you even know you had options?

Most likely you are not even aware of the special programs that are out there. Some are voluntary options while other are mandatory based on your loan type. Loans backed by FHA for example require the home owner to use HUD’s Pre-Foreclosure Program (their short sale program). Other options like HAFA are government backed programs and are optional.

In addition to all of that many individual banks are creating their own special programs.  Bank of America now offers their Cooperative Short Sale Program as a way for home owners to start the short sale process prior to having a purchase contract for their home, unlike the standard process.  This potentially can shorten the waiting time for potential buyers.

As you research your options you may find references to different short sale programs. The information you find is often conflicting or simply confusing. The ability to qualify for special programs often has to do with the type of loan you have.

Select one of the LOGOS below to read more about the program offered and how we manage the process for that particular type of program.  If you are confused contact us directly for more information about the programs and how their particular dynamics may affect your short sale request.

	Short Sale – Standard Most home owners needing to complete a short sale will first hire their Realtor, list their home for sale and when they have a contract forward it and all supporting documents required by their bank to the bank for review.  It is important for a home owner to know that many people can negotiate the short sale for them.  They can choose to do it, have their real estate agent negotiate the short sale or hire one of the many short sale negotiating firms. We can help you understand your options and make the choice best for you.
	FHA Pre-Foreclosure Sale Is your loan a FHA loan?  If your loan is an FHA insured loan you need to follow their specific guidelines to complete a short sale.  In the simplest form FHA (HUD) will want to set the listing price of your home BEFORE you put it on the market.  So hire your Realtor, either on your own or with guidance interact with your bank directly to get an approved listing price. FHA Short Sales and Price Setting is a huge challenge, Bradley Group Realtors has experience to guide you through the process.
	VA Compromise Sale Program Is your loan a VA Loan? Short sales on VA loans are simpler than FHA noted above.  You are allowed to list your home without VA setting the price.  But you must get market value, don’t give it away!  Typically VA approved short sales finish without the home owner owing the unpaid balance to the bank. It is important to get copies of certain paperwork from VA and your Bank when completing this type of sale.  We have worked many VA Compromise Sales (Short Sales) and can help you with yours.
	Home Affordable Foreclosure Alternatives Program (HAFA) Backed by the U.S. Treasury, those qualifying for this benefit greatly.  This program allows for the option of their setting the list price versus the home owner.  The process is similar but not all home owners will qualify to participate in this program.  Additionally your bank must participate as well.  If accepted and subsequently approved this short sale releases the home owner of all the unpaid balance and offers $3000 in relocation assistance to the home owners. Bradley Group Realtors has completed several HAFA short sales successfully. This is a rare feat noting that only 611 total were approved in the first 365 days of the program.
	Bank of America Cooperative Short Sale Bank of America offers a jump start to your short sale.  Not all qualify.  In our local market this program does not appear to offer many positives to our local home owners in distress. Use great caution while investigating this program as it also drives to set your listing price.  Far too often when a bank sets the listing price we find it to be well over market value resulting in a failed sale. Bradley Group Realtors has worked successfully with all of Bank of Americas systems and uses their required online solution Equator.com on a daily basis.