Has your lender sent you a letter similar to the one below? Currently lenders are sending out letters in the mail similar to the letter below informing their customers that they may be eligible for the Home Affordable Modification Program (HAMP).

FYI–

• 60% of all loan modifications go back to foreclosure
• 90% of trial loan modifications fail and go back to foreclosure –

BANKS do not convert trial loan modifications!

Call The Klinger Real Estate Group Short Sale Team today and avoid foreclosure.  Be informed… (702)509-1446

Have you received a letter from your lender similar to the one below?

Dear Homeowner:

You may be seeing and hearing a lot about mortgage modifications as a way to make your mortgage payments affordable and help you avoid foreclosure. Modifications have provided relief to many homeowners and, as your mortgage servicer, we want to make you aware of this option so you can determine if a modification may be right for you.  You may be eligible for the Home Affordable Modification Program, an initiative sponsored by the United States Federal Government to help homeowners who are finding it difficult to make their mortgage payment. Under this program, we will review your current financial situation to determine if we can help you modify your mortgage to give you a new affordable mortgage payment.  To be eligible for the Home Affordable Modification Program, homeowners need to meet certain criteria.

• 1. Is your home your primary residence? Do you currently live in the home?
• 2. Is the amount you owe on your first mortgage equal to or less than $729,750 for a single family home, $934,200 for a 2 unit property, $1,129,250 for a 3 unit property or $1,403,400 for a 4 unit property?
• 3. Are you having trouble paying your mortgage? (for example, has your mortgage increased drastically?, loss of or reduction of income?, other hardship affecting your income?)
• 4. Did you obtain current mortgage loan prior to January 1, 2009?
• 5. Is your payment on your first mortgage (including principal, interest, taxes, insurance, homeowner’s association dues, if applicable) higher than 31% of your gross monthly income?

If you answered “yes” to all of these questions, we encourage you to take the next step and apply for the Home Affordable Modification Program today.  To do that, please send us the financial documents listed on the following page by specified date.  We want you to know that sending us your financial information helps us determine if you are eligible for the Home Affordable Modification Program.  It in no way binds or obligates you to participate in the program.  We want to help you, so please consider this opportunity.

Sincerely,

Home Loans Team

GUESS WHAT???  If you meet the above criteria, you also may qualify for the HAFA (Home Affordable Foreclosure Alternative) short sale program.  Participating in a HAFA short sale allows you to receive up to $3,000 in relocation assistance at successful close of escrow & requires your lender to waive the remaining deficiency balance!  This means you will get a check cut directly to you by the escrow company (not your lender!) upon successful close of escrow and your lender agrees to not pursue you for any of the balance owed, in the future, even though they will receive less than what your original note was for on your home mortgage.

And there’s more…  New HAFA guidelines permit non-owner occupied home owners to utilize the program & its benefits as well!  This means you can still take advantage of the HAFA Short Sale program and all its benefits, if you no longer occupy the property &/or have moved out of your principal residence.  There are still restrictions & programs details involved, so call us today for more information on whether or not you may qualify.

Want more…  New HAFA Short Sale guidelines set to go into effect in June, 2012  change the entire way a lender must report your short sale on your credit!  These changes will allow you to short sale your home, get out from underneath the debt you’re carrying in your underwater home, and purchase again sooner than you may think!!!  Call us today for more details… 

WE ARE HAFA CERTIFIED, AND WE HAVE BEEN SUCCESSFULLY CLOSING HAFA SHORT SALES FOR HOME OWNERS SINCE THE PROGRAM ORIGINATED!

Klinger Real Estate Group (702) 509-1446

… your Henderson & Las Vegas short sale experts!