Why would a bank agree to let you off the hook for less than you owe? 

Banks aren’t in the real estate business, nor do they really don’t want to own your home. And because banks were as blind sighted by the foreclosure crisis as everyone else, they already have more homes on their books than they can expect to sell in a year. If there’s one word that describes how banks feel about foreclosures right now it’s: ENOUGH! 

In light of recent economic events, many banks are now offering cash incentives and have speeded up processes to encourage short sales. You may qualify for a short sale if you:

• Owe more than your house is worth
• Can prove financial hardship
• Are unable to afford your current mortgage payment

The federal government, along with many state and local agencies, have also stepped up their foreclosure prevention initiatives. Key among the foreclosure prevention initiatives is the Home Affordable Foreclosure Alternatives (HAFA) program. Homeowners who qualify for a HAFA short sale get:

• $3,000 CASH in relocation assistance
• The reassurance that the foreclosure process will be halted during the short sale process
• A waiver on deficiency judgments following the sale, meaning the lender will not seek to collect the difference in the amount of the mortgage and the sale price. The situation is complicated and the stakes are high. Never has it been more important to have a local market advocate on your side.

On Saturday, February 18th the Russo Team will be hosting a free Short Sale Webinar to provide an opportunity for participants to get answer to important questions about the current state of the market. Our panel of experts will address all areas of the short sale process, including legal and tax implications – and best of all, this is a stress-free and anonymous environment (all participants personal information will be confidential). Space is limited so I encourage you to sign up today. You can reserve your Webinar spot now by clicking here. Webinar will begin at 9:00am on Saturday, February 18th 2012.

If you would like more information regarding the short sale process, you may visit me online at www.RussoTeamHelps.com to receive a complimentary copy of this month’s report entitled, "Are you Living Under the Cloud of an Unmanageable Mortgage.