Maryann Little

We have done enough short sales to see our fair share of bankruptcies occur. There is an impact to a homeowner's credit and their short sale if they file bankruptcy. Homeowners in need of filing need to speak to an experienced attorney if they are considering bankruptcy as an option to stall a foreclosure or capture their deficiency from a short sale. I would even suggest they find a bankruptcy attorney that also specializes in Real Estate.

Short sales are a mishmash of paperwork, time, anxiety and questions, and one of the biggest questions I receive from Massachusetts and New Hampshire homeowners wanting to short sale their home is, "What do I write in my hardship letter to the lender?"

Short sales are confusing enough, but let's throw a new program into the mix. It's called HAFA. Now to not confuse you even further, I'm going to talk about the good old regular HAFA program and not the Freddie Mac/Fannie Mae HAFA short sale program. Homeowners need to be aware of the pros and cons of the HAFA program.

New Hampshire and Massachusetts homeowners may be very overwhelmed when contemplating a short sale process. Educating yourself is the most essential ingredient to avoid frustration when moving forward.

A short sale is not without risk. Homeowners facing foreclosure in New Hampshire or Massachusetts should know what they face when they decide to short sale their home.