It is a pleasure to announce that the Parkland Parrot Real Estate Team just successfully help negotiate a short sale for a client of ours in the Cypress Head community. Bank Of America agreed to accept almost $500,000 less than was was owed and gave my client a full release for the deficiency.
Our client was ecstatic to be able to successfully short sale his Cypress Head home in Parkland, Florida and now be able to move on with his life. The government implemented the Home Affordable Foreclosure Alternatives (HAFA) program which is in place to help homeowners settle their mortgage debt without going through a foreclosure. The goal of this program is to help homeowners sell their properties through the short sale process and settle their mortgage debt if they owe more on the mortgage than what the home is actually worth. With the help of this program, the short sale process is streamlined and also offers financial assistance to help with relocation. In particular, our client in Cypress Head was even given $3,000 from this program in moving costs.
On Bank Of America’s website, here is the qualification to be eligible for the HAFA program:
1. The property is your current principal residence, OR the property has been vacant or rented out for less than 12 months, and you have not bought another principal residence during that time.
2. The amount you owe on your first mortgage for your property is equal to or less than:
3. You owe more on your home than it’s worth
4. Your current mortgage was taken out on or before January 1, 2009
5. You are experiencing a hardship (such as a job loss, divorce or medical emergency) and are unable to afford your current home loan
It is a great pleasure for our team to be able to help someone in need and get them on to the next step in their lives. In particular, this stressful situation was handled with the utmost professionalism and care. Our short sale clients truly understand that we have their best interests in mind and are here to help throughout the entire process. We were able to close this transaction in only 4 months, where most short sales take approximately 6-8 months to get done.
If you know anyone in Parkland or South Florida who is “underwater” on their home, tell them to give me a call directly at: 954-609-0591, so I can help answer all of their questions and concerns and provide them with pertinent short sale information.
Know the neighborhood. Know the value. Know your hometown agents: The Parkland Parrot Real Estate Team. If you are interested in buying or selling real estate in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 954-609-0591 or send us a message here.