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If you want to stay in your home, I highly recommend you apply for the HAMP program created by the Obama administration.  What is the program about?  You can visit: Making Home Affordable.  Here's an exerpt from their website:

 "The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.

Our consumer website, www.MakingHomeAffordable.gov, provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration's program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer as well as FAQs from borrowers in similar circumstances; and much more.

Recommended steps for homeowner to see if HAMP is a viable alternative to foreclosure:

1. Complete the quick online form on the eligibility page of Making Home Affordable 
   http://www.makinghomeaffordable.gov/eligibility.html
   
2. Determine if your lender is participating in HAMP by either looking them up on this page: http://www.makinghomeaffordable.gov/contact_servicer.html AND calling your lender to verify and discuss your options.
3. HAMP has a Request a Modification process - http://www.makinghomeaffordable.gov/requestmod.shtml.  Recommend contacting your Mortgage Servicer first.

If your loan is NOT a Fannie Mae or Freddie Mac, then HAFA is the program you would use.  What is HAFA?

HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks.

HAFA is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure. HAFA:

• Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
• Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
• Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).
• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
• Uses standard processes, documents, and timeframes/deadlines.
• Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).
• Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation

For the full HAFA Guidlines click here. For frequently asked questions regarding the HAFA Program click here. The part about these programs which are hugely beneficial to clients considering doing a short sale is that the banks are required to release their right for defficiency judgement.  That is the number one reasons short sales don't move forward.  If we can eliminate that threat, we will be able to keep so many foreclosures from hitting the market which will greatly affect our prices and neighborhoods.  If you'd like to condifentially discuss your scenario, please contact Felipe Crook at 1-866-589-1646.

Prudential Americana Group Realtors

Felipe Crook

7475 W. Sahara Ave Ste 100

Las Vegas, NV 89117