Who We Are Frequently Asked
Miliman & Steinberg LLC is a full service Maryland based law firm with an expertise in real estate short sale negotiations. Our staff is comprised of attorneys and negotiation experts committed to advocating for the needs of our clients.
HOW LONG DOES A SHORT SALE TAKE?
That's a great question with no exact answer. With our team of specialists reviewing your file daily and contacting the banks several times a week, a 60-90 day timetable is reasonable. That said, there are numerous players who need to be active and responsive to expedite the process, including the mortgage service and insurance companies. We work hard to get everyone in line and working for you. Receiving quick and complete responses from homeowners and their brokers is also key to a quick process. WHAT IS HAFA? DO I QUALIFY? HAFA stands for Homeowner Assistance Foreclosure Alternatives. Under this program, the lender will forgive any deficiency, postpone foreclosure proceedings while reviewing the short sale and will give $3,000 in relocation assistance at closing (to the homeowner or tenant if the home is a rental property). The loan must be for less than $729,000. If there is a second lien, the second lender has to agree to accept 6% of their remaining balance or a maximum of $8,500 to release the lien and forgive the balance on the loan. Qualified homeowners are approved for HAFA on a case by case basis. |
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