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Long Realty - Short Sales - How to Get Started

01-14-2011 01:44 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Long Realty

/ PR Agency: Geo Advertising & Marketing
(TUCSON, AZ.) The role of the mortgage company/loan servicer in a short sale

In the first article of the series, the discussion was centered on who are the players in a short sale transaction. If all other options have been exhausted and the only reasonable solution is a short sale, the lender/loan servicer should be contacted as quickly as possible. If payments have not been made on the mortgage for a lengthy period of time and/or there has already been a Notice of Trustee Sale recorded, completion of a successful short sale becomes more difficult. Homeowners should consult with a real estate attorney and a qualified tax advisor to understand their individual situation and options, and should seek the help of a qualified and experienced real estate agent. To find an agent, visit

Before calling the mortgage company, there are several items a homeowner should have readily available. First, they should be prepared to provide the lender an explanation of the financial situation and to demonstrate the inability to make mortgage payments. Typical acceptable hardship situations include life events such as catastrophic medical illness, job loss or relocation, divorce or curtailment of income. The lender will require income verification or evidence of unemployment, bank statements and a financial analysis outlining monthly expenses. Homeowners cannot simply stop making mortgage payments because the mortgage is “underwater.” Homeowners who are able to make monthly mortgage payments may not be approved for a short sale. Most mortgage company websites are now providing comprehensive information for homeowners in distress outlining the steps and documentation that will be required by that lender.

There are multiple short sale programs available for borrowers in distress. If a homeowner has an FHA loan, FHA may approve a pre-foreclosure sale through the FHA Pre-Foreclosure Sale Program. The financial hardship is documented and the lender/loan servicer submits a request for a pre-foreclosure sale to the Department of Housing and Urban Development (also known as HUD). If approved, HUD provides the homeowner and the listing agent a timeline for marketing, typically 120 days, along with a pre-approved list price and the minimum proceeds requirement. HUD may also provide up to $1,000 financial incentive to assist the homeowner with relocation expenses. For more information on this program, visit

Under the Making Home Affordable Program introduced by the Obama administration, homeowners may also qualify for Home Affordable Foreclosure Alternatives, or HAFA. The US Treasury first introduced this program effective April 30, 2010 to assist homeowners who did not qualify for a modification under the Making Home Affordable Program, and therefore needed to short sale a property. Fannie Mae and Freddie Mac have now issued very similar versions of HAFA. Under these programs, primary and junior lien holders must agree to release the debt completely with no deficiency balance judgments permitted in the future. Homeowners may also receive up to a $3,000 financial incentive to assist in relocation expenses. The lender/servicer will require your home to be listed with a professional REALTOR®. These programs can be complex and are administered slightly differently with each lender/servicer. However, the guidelines and forms used have been streamlined. Hiring the right professional who has experience and training in navigating these programs is imperative. For more information on how these programs work visit, or or see a list of qualified and experienced real estate agents at

In the next article: further discussion regarding the potential impact of a short sale; credit, tax and deficiency implications.

This article was written and submitted by the Long Realty Short Sale Resource Group. For more information, please visit

About Long Companies
Long Companies is comprised of Long Realty Company, Long Mortgage Company, Long Title Agency and Long Insurance Group – all working together to create a full range of real estate services and products. Based in Tucson, Long Realty Company is the leading real estate brokerage company operating in southern Arizona. It offers an unparalleled level of award‐winning residential and commercial real estate services through a network of more than 1,400 licensed real estate associates in more than 39 offices, including 23 affiliate realty and property management companies that are independently owned and operated throughout Arizona and into Mexico. Long Realty Company, a part of HomeServices of America, a Berkshire Hathaway affiliate, has been helping generations of Arizonans achieve their dreams of homeownership since 1926. For more information, visit The latest releases and announcements for Long Companies can be found in the Long Realty Newsroom, available at

Long Realty
900 E. River Rd.
Tucson, AZ 85718

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