1. Lakeland Florida Short
Sale Agents - Frequently
Asked Questions Answered
Home owners in Lakeland FL who are financially unable
to continue to pay their mortgage are always looking for
answers with respect to short sales. Sellers and buyers even
after about 5 years of short sales are still not sure exactly
what a short sale is.
Let me help you with this question and other frequently
asked questions:

2. 1. What is a Short Sale?
Short Sale is defined as follows:
The lender agrees to accept a payoff
for less than the balance of the
mortgage to allow the sale of the
property.

3. 2. Can I be current on my mortgage
payment and still do a short sale?
Homeowners have been told by the government
to stop making their mortgage payments and
Fannie Mae and Freddie Mac who are regulated
by the Fed required you to be late on your
mortgage payment when selling your Lakeland
Fl home as a short sale. The Federal Housing
Finance Agency has announced that effective
November 1, 2012 new streamlined short sale
guidelines, permitting homeowners to be current
on their mortgage payment when applying for
short sale, providing they have an eligible
hardship

4. 3. What happens to my credit score
after short sale?
Before applying for a Lakeland FL short sale for
your home, it is very important that you enter
into this with your eyes wide open. Forget about
real estate agents who have told you that short
sales won’t have any impact on your credit score.
Of course it does, but the good news is that the
damage is not usually as bad as what a
foreclosure or deed-in-lieu could do to your
credit score.

5. 4. What are the newest HAFA
changes?
HAFA is short for Home Affordable Foreclosure
Alternatives Program. This program was
created by the Treasury Department in 2009 to
streamline short sales by being more efficient
and less time consuming. HAFA became
effective on April 5, 2010 and it will sunset on
December 31, 2013. HAFA is available for
mortgages if your lender participates in the
Home Affordable Modification Program
(HAMP).

6. 5. What's new with Bank of America
Relocation Assistance Program paying up
to $30,000?
Bank of America offers financially distressed
homeowners in Lakeland Florida and around the
country up to $30,000 in relocation assistance.

7. 6. When is the Mortgage Debt Relief Act
of 2007 set to expire?
The question, "will the Mortgage Debt Relief Act
be extended?" seems to be the million dollar
question short sale agents being asked. As of this
writing, I have received no confirmation that it
will be extended. Rumor has it that it will
depend on the outcome of the election, but this is
only a rumor.

8. Petra Norris - REALTOR®, SFR
If you click on the underlined questions, you will be
guided to the article I have written which will go
more into detail about each frequently asked
questions. As a Lakeland Florida short sale
agent, staying on top of changes is at times
challenging. Attending
webinars, podcasts, training is essential to learn
as much as possible and stay current on updates
and changes. I have been successful listing and
negotiating short sales on behalf of my clients. If
you need help and need to avoid foreclosure, do
not hesitate to contact me at 863-619-6918 for a
private consultation or email me at
petra[at]petranorris.com

9. Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918