Despite rumors that Northern Virginia short sales are being approved and closed in 10 days it isn’t true. Since the introduction of a new government program Home Affordable Foreclosure Alternatives Program or HAFA on April 5, 2010 there has been a lot of misinterpretation of the guidelines by both buyers and sellers.
One of the first things you should do is call your lender. Not all lenders are participating in the new HAFA program. The next thing to do is read the OFFICIAL website for information on HAFA.
Making Home Affordable is the government site dedicated to providing you all of the information you need.
Be sure to check out the eligibility survey to see if you qualify for a loan modification under the Home Affordable Modification Program (HAMP)
If you search the internet you will find
dozens hundreds of websites with information and misinformation about the program. The document that introduced the HAFA program is 40 pages long and most people have not read the entire document. Protect yourself by going to the official sources for information first.
Finally be careful not to be lured into scam suggesting you hire a third party for money to help you negotiate with your lender. The government counselors do not charge to talk to you about your options. Your lender will not charge you for discussing your situation and a reputable Realtor® will not charge you an upfront fee for listing your home.
Arm yourself with as much information as you can before you call an outside source to assist you. It might save you thousands of dollars and months of worry.