short-sale-contractThis week, the short sale arm of the Making Home Affordable Program, HAMP,  known as  HAFA, announced an increase to $10,00 in its payout relocation assistance to property owners.  For short sales commenced after February 1, 2015, homeowners who qualify under the HAFA program, are eligible to receive a $10,000 check from their lenders.  Additionally, under the HAFA short sale rules, the lender must waive the deficiency balance of the mortgage, and forgive the loan in full.

The regulations to qualify under HAFA are strict.  Among them, the homeowner must reside in the home, must have a qualifiable hardship and must be financially unable to pay their mortgage. To find out if you qualify to short sale your home under HAFA and receive $10,000.00 contact us today.

In a short sale, a homeowner lists their property for sale. Once a contract is obtained, the contract is submitted to the lender with the borrowers financial information in order to qualify for a short sale.  Once the lender verifies value with a BPO, the contract is approved and a closing takes place.  At closing, the borrower/homeowner signs all docs and is forever relieved of the mortgage debt owed to the lender.  A true short makes sure that the balance is forgiven.  In a HAFA short sale, this is guaranteed.

We can qualify you, free of charge, and advise if you are eligible for the $10,000.00 relocation assistance.

The first consultation is always free of charge.


Jacqueline A. Salcines

Jacqueline A. Salcines

Jacqueline A. Salcines, PA

706 S. Dixie Highway

Second Floor

Coral Gables, FL 33146

Tel:  305 669 5280


You’ve all heard the story before, months and months of laboring to get the short sale approval, you finally get it and the second lien holder or mortgage company will not accept what the first lien holder is agreeing to pay them.  Result:  Now your short sale is held hostage.  The first will not pay more, the second will not accept less.  What are the alternatives to get this approved after so much hard work?short_sale

Well, first of all, anyone negotiating or selling their home in a short sale must be familiar with their rights. Under the HAFA (Home Affordable Foreclosure Alternative) Program, the first lien holder MUST, not may, MUST, pay the 2nd lien holder $8,500.00. There are rules that regulate this payout and therefore the 1st lien holder can not wiggle its way out of this.  And the 2nd lien holders are keenly aware of these regulations.

Now, if the short sale falls outside of the HAFA Program, then you have a dilemma.  For the most part, the 1st lien holder will request a payoff statement of the first and typically (I say typically because in short sales there is nothing typical), they will pay 10% or a maximum of $6,000.00

“I have been negotiating short sales for quite some time and they (the lenders), for the most part, do adhere to the 10% rule.  But, in the event they pay less and the 2nd lien holder demands more, this is NOT necessarily the end of the line.  There are still options.  If the borrower is receiving an incentive at closing from the 1st lien holder, the 1st bank will allow the borrower/seller to contribute that money towards paying off the 2nd.  They will also permit you to enter into a promissory note, usually at 0% interest, ten (10) years, in order to reach that number.  Or, in the alternative, all the other parties in the game can make some contributions. Often times, realtors as well as the buyer are agreeable to making certain concession in order for the great deal to go through.  After all, if the closing falls through, the nobody gets paid and the buyer doesnt get their property.”  –  Jacqueline A. Salcines, Esq.

So, while the 2nd lien holder can certainly hold a short sale hostage and there are no laws you can use to force them to agree to a payout, there are still some alternatives to make the short sale go through to closing.

Short sales are crafty games played by crafty players.  Everyone has to have some skin in the game to make the process work smoothly.

And, if it goes smoothly, then as in any games, there will be many winners, and perhaps a few losers (the banks).

Dont go it alone. Consult a professional real estate lawyer to handle your mortgage problems.  We are a phone call away.


JACQUELINE A. SALCINES, ESQ.     TELEPHONE:  305  | 669 | 5280