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SHORT SALE

If you are looking for help selling your home and avoiding foreclosure, the federal government has introduced the Home Affordable Foreclosure Alternatives (HAFA) Program to help you. As your mortgage servicer, we are offering you the opportunity to participate in this program by utilizing HAFA’s short sale option.    Home Affordable Foreclosure Alternatives Program – Short Sale A “short sale” is specifically designed to help borrowers who are unable to afford their first mortgage and want to sell their home to avoid foreclosure, even if the sale price may not pay off the amount owed on their mortgage.  A short sale requires a number of parties (you, the buyer, your real estate broker, and sometimes mortgage insurance companies and other lenders) to work together to make this option successful.  However, it could be a good solution for your current situation. How Does a Short Sale Work?·         Pre-Sale—We will start by approving a list price for your home or give you the acceptable sale proceeds (the minimum amount that we must receive after sales costs) from the sale of your home. We will also identify the sales costs (broker commissions and closing costs) that may be deducted from the final sales price.  You then list your property (like any home sale) with a local real estate broker at the approved price.  ·         Offer—When you get an offer on your home, you will submit the required documentation and we will approve the sale if it is in line with what we agreed to. ·         Closing—Once the sale closes, we will release you from all responsibilities for repaying your mortgage. Plus, you will receive $3,000 to help pay some of your moving expenses.  (The check will be paid to you by the settlement agent as part of the closing.)  In the event there is any money left over from the sale after paying the entire amount you owe on the mortgage plus the approved sale costs, you will not be eligible to receive the $3,000.   To Participate in the Short Sale ProgramPlease note, there is no guarantee that your home will sell under this program, and you are responsible for determining whether you want to sell your home for the price and terms described in this letter.