Obtaining approvals of short sales has generally becoming
easier and faster, however some lenders are still notoriously slow and
inefficient. The major loan servicers such as Bank of America, Chase and Wells
Fargo have improved their approval process. Once a homeowner has determined
that a short sale is their best option, the amount they can expect to receive at
close of escrow varies quite a bit and can include one of the following:

• Nothing if the homeowner does not qualify for
  HAFA or any other program
• $2,500 under a Short Sale Co-Op program sometimes
  available from Bank of America
• $3,000 relocation fee under the HAFA program
• Up to $30,000 under special incentive programs from
  certain banks including Bank of America

Masterpiece Realty has closed many HAFA short sales, several
B of A Co-Op’s and has been successful in obtaining additional amounts of up to
$27,000 for clients.

To qualify for HAFA the homeowner must meet the following
requirements:

• Have a documented financial hardship.

• Have not purchased a new house within the last 12 months.

• Have a first mortgage balance of less than $729,750.

• Obtained their mortgage on or before January 1, 2009.

• Not have been convicted within the last 10 years of felony
larceny, theft, fraud, forgery, money laundering or tax evasion in connection
with a mortgage or real estate transaction.

Please contact us for an evaluation of your particular situation.

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