What is FRESH START™?
The FRESH START™ Housing Program (FSHP™) primary goal is to keep American Homeowners who have experienced real financial hardship in their homes. In order to accomplish this, FSHP™ has developed a program that makes sense to the homeowner as well as the their mortgage servicer and is legally compliant with the many laws that have been enacted at both the Federal and State levels. FSHP™ allows the homeowner to salvage their dignity in their community and keep families whole.
The mortgage servicers do not earn anything less on the property than they would otherwise receive in a foreclosure and REO sale and the homeowner who demonstrates their ability to repurchase the property gets it back at a price that is within market value and at a payment that is within their budget.
We hope this provides a brief explanation of what we are trying to accomplish; for further detail it is recommended that you contact one of our FRESH START™ Housing Program Certified Listing Agents for more information.
Who Can Short Sell, Lease and Buy Back?
Keep in mind that in order to qualify for FRESH START™ there are some very important guidelines, which must be followed. Below is a brief list of the primary underwriting guidelines.
- Homeowner must have verifiable income; all income will be verified to guidelines.
- Homeowner may or may not be current on mortgage payments.
- Temporary income such as Unemployment, Short Term Disability, etc. will not be allowed.
- The homeowner’s income must have a Front End Debt Ratio of no greater than 40%. This is the homeowner’s gross household income versus the new rental payment.
- Primary Residences only, no rental or income producing properties allowed.
- 1-4 unit properties are permitted; however the owner must reside in at least one of the units.
- Property must be in Marketable Condition.
- Marketable condition is defined, as there are no deferred maintenance issues such as leaking roofs, missing siding, etc. There are also no functional obsolesce of the subject property such a missing or non-working A/C Units, missing water heaters, sinks, tubs, toilets, counter tops, etc.
- The client-homeowners property must be valued at least 20% less than what is owed on the 1st mortgage. In example someone who has a home valued at $100,000.00 must have a mortgage owing on the 1st mortgage of at least $120,000.00.
- FRESH START™ does not provide services for stopping or delaying Foreclosures or Trustee sales; should the client be in such a position the client-homeowner she seek the services of someone skilled and licensed in these areas.
- Bankruptcies: Homeowner may not be in active bankruptcy of any type at application or during the lease period.
- Under no circumstance should anyone encourage a homeowner to skip or miss payments to their mortgage(s). If a homeowner is capable of making their mortgage payment(s) they should do so.
Home Affordable Foreclosure Alternatives (HAFA) Program
If you can’t afford your mortgage payment and it’s time for you to transition to more affordable housing, the Home Affordable Foreclosure Alternatives (HAFA) program is designed for you. HAFA provides two options for transitioning out of your mortgage:
- Short Sale. In a short sale, the mortgage company lets you sell your house for an amount that falls “short” of the amount you still owe.
- Deed-in-Lieu (DIL) of foreclosure. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them.
In either case, HAFA offers benefits that make the transition as favorable as possible: You can get free advice from HUD-approved housing counselors and licensed real estate professionals. Unlike conventional short sales, a HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls “short” of the amount you still owe. The deficiency is guaranteed to be waived by the servicer.
In a HAFA short sale, your mortgage company works with you to determine an acceptable sale price. HAFA has a less negative effect on your credit score than foreclosure or conventional short sales. When you close, HAFA may provide $3,000 in relocation assistance.
Are You Thinking of Selling Your Home
Leave your contact information on my Property Search Page and fill up the Request for Information Sheet and ask for a free comparative market analysis on the comment . We do all the marketing and advertising at no cost to you. We will schedule and hold open houses, place for sale sign in the yard, a lock box at your property so other Realtor can show your home to their potential buyers, and all the Internet exposure possible. We present you offers as they come. Upon accepting offer from a qualified buyer we will coordinate the escrow process for you from beginning through the close of escrow is reached. We don’t get any compensation unless we sell your property for you.
Welcome to my website.
Whether you’re a first time buyer or an experienced investor, you’ll find useful information about how to choose the “right” property, making an offer, negotiating, financing, mortgage rates, moving, and everything involved in making an informed home buying decision in today’s market. If you currently own property and are thinking about selling it, this site contains information about preparing your home for sale, selecting the right agent, pricing your home appropriately, marketing it effectively, going through the inspection process, and receiving a timely market evaluation.
Please use my website as a continued resource and if you need more information on anything, please feel free to call or email me. My contact information is listed on the Agent Contact Info and Bio page.
Thanks for visiting!