Top 5 Things Homeowners Should Know About Short Sales

Jacksonville, FL, April 28, 2010 --(PR.com)-- A leader in Jacksonville, Florida realty, Davidson Realty wants homeowners in financial hardship situations or facing foreclosure to know about new regulations from the U.S. Treasury Department's Home Affordable Foreclosure Alternatives program (HAFA) which went into affect on April 5th. Explains Davidson Realty President Sherry Davidson, “The new HAFA rules are a huge help for homeowners who otherwise might be faced with foreclosure. A HAFA short sale can help homeowners protect their credit, gain a $3,000 relocation incentive and not worry about future liability so they can get on with their lives.”

The top five things homeowners should know about the new HAFA short sale, include:

1. Homeowners who qualify for a HAFA short sale are fully released from future liability for the first mortgage debt. This means that the mortgage lender cannot come after the homeowner at any future time for repayment of the original loan.

2. A HAFA short sale allows for a $3,000 relocation assistance payment for homeowners. That's a one-time payment of up to $3,000 to help sellers with moving costs, rent security costs, etc.

3. Most major lenders are already on board with the new HAFA rules, including Citibank, Wells Fargo, Bank of America, Wachovia, Chase, Wamu, and the list continues to grow.

4. With HAFA, the short sale process has been standardized and streamlined so homeowners can expect a quicker outcome.

5. Homeowners can enlist the Realtor of their choice to help them through the HAFA process so they have an advocate. A Realtor can also help the homeowner determine if they qualify for a HAFA short sale and, if not, what other options are available to them.

Some of the primary qualifiers for HAFA, include:
-Must be the principal residence
-The home loan originated on or before January 1, 2009
-The homeowner is behind on their payments or soon will be
-The unpaid principal balance on the loan is no more than $729,750 for a single-family property
-The total monthly payment on the mortgage is more than 31% of the gross income of the borrower

More information about HAFA and a complete list of eligibility requirements is available on the Treasury Department's website: http://www.makinghomeaffordable.gov/hafa.html. Also, Davidson Realty has a free white paper titled “Understanding the Short Sale” available for download on its website at http://www.davidsonrealtyinc.com/distressed-properties. The paper provides an overview of the Short Sale, including why the Short Sale may or may not be a good alternative to foreclosure, the advantages and disadvantages of the Short Sale and how to proceed with a Short Sale.

Twenty-eight (28) Davidson Realty agents hold the Certified Distressed Property Expert (CDPE) designation. A Certified Distressed Property Expert® (CDPE) is a real estate professional with specific understanding of the complex issues confronting the real estate industry. CDPE real estate professionals have trained extensively to understand the options, solutions, and effective methods for dealing with homeowners facing hardships. Says Davidson Realty President Sherry Davidson, “Our Jacksonville and St. Augustine realtors are committed to helping people navigate these tough financial times and real estate market. There are options available to people in distressed financial situations other than foreclosure.”

About Davidson Realty Inc.
Davidson Realty, Inc. is a leader in Florida real estate, specializing in houses in Jacksonville and St. Augustine. The firm has been at the forefront of Jacksonville, Florida realty for 20 years. From its headquarters at the renowned World Golf Village in St. Augustine, Florida, Davidson Realty markets and sells residential and commercial projects in Jacksonville, St. Augustine and the surrounding areas. Davidson's founders are the original developers of World Golf Village and the company remains the hands down experts on golf course homes and golf communities in Florida. Davidson Realty has more than 30 Florida Realtors helping buyers and sellers alike. The majority of Davidson Realty agents hold the Certified Distressed Property Expert (CDPE) designation, providing special expertise for navigating through the changing climate of short sales, foreclosures and distressed properties. In addition, Davidson Property Management handles leasing for Jacksonville and St. Augustine homes. And Davidson Development specializes in large scale development opportunities.

For more information about Davidson Realty, call 904-940-5000 or visit www.DavidsonRealtyInc.com, Fan them on Facebook at www.Facebook.com/DavidsonRealty, follow them on Twitter at http://twitter.com/DavidsonRealty or visit their videos on YouTube at www.youtube.com/user/DavidsonRealtyInc.

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