Who does not qualify for a short sale?
We get all kinds of requests and questions about who can qualify for a short sale.
Many people, due to unforeseen hardships, are unable to make their mortgage payments are able to qualify and get the needed approvals. However, because the short sales are becoming such a large part of real estate transactions and all participants are trying to standardized the process through the HAFA program and because HUD, a government agency, oversees and encourages the utilization of short sales, not everyone will qualify.
Simply put, if you have been convicted of certain financial misconduct, most lenders who participate in the HAFA program cannot permit a short sale to be approved.
Below is the Dodd Frank Certification which is a part of the JP Morgan Chase’s Short Sale package. If you answer yes to any of these offenses, you are ineligible to receive any benefits that result from a short sale approval.
Assistance for Unemployed Homeowners coming
Perhaps someone has been reading my posts about the impact of unemployment in the distressed markets. It may not be the direct help that is required (i.e. more employment) but it is assistance in the form of up to $1,500 to those who are unemployed and at risk of foreclosure. 42,000 of California’s unemployed may benefit.
California is earmarked to receive $476M to help the unemployed.
As with any Federal program, the particulars will be announced in the future, but it looks like November 1 is when the program is slated to go live.
www.keepyourhomecalifornia.com
Stay tuned……
