My career in real estate began as a result of a confluence of events: losing my Executive Vice President position in the Fashion Industry as the job market was imploding, a divorce and then the unfortunate consequence of having to short sell my former marital home. I’m happy to say that just a few years down the road, I am now ranked 10th in the region for Keller Williams Agent Unit Sales and LOVE what I now do!
Why am I telling you this? Well, I think its important to let others know that not only are there options if you have lost your job, going through a divorce or something equally as challenging; but, that sometimes you can turn these devasting events into an improved and/or happier you!
Ironically, if you are enduring a hardship–job loss, divorce, illness, etc.–you may be in a position to solicit and benefit from several Home Programs. There are two that are most often discussed:
HAFA: Home Affordable Foreclosure AlternativesSM If you can’t afford your mortgage payment and it’s time for you to transition to more affordable housing, the Home Affordable Foreclosure AlternativesSM (HAFA) program is designed for you. HAFA provides two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls “short” of the amount you still owe. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them.
With the options above, there are varying consequences; if you short sell your home you may be elligible to purchase a new home in a few years. On the other extreme, whether you allow your home to be foreclosed upon, it could take as many as 10 years for your credit to recover to a level to allow you to buy another home and worse–you may end up with your bank(s) filing deficiency judgment(s) against you and attaching your income.
HAMP®: Home Affordable Modification Program If you are not unemployed, but you’re still struggling to make your mortgage payments, you may be eligible for the Home Affordable Modification Program (HAMP®). HAMP may lower your monthly mortgage payments in order to make them more affordable and sustainable for the long-term.
As an individual that has experienced a Short Sale first hand and a Realtor with a consistent record of selling Short Sales as well as assisting people with their Loan Modifications, I am happy to provide you with a discreet consultation. Simply give me a call at 917.797.5059 or email me at Marksladehomes@aol.com.