Short Sale Hardship Letter Example
Lender Name
Lender Address
Today’s Date
Re: Hardship Letter/Short Sale for 123 Main Street, City, State 12345
To Whom It May Concern:
I purchased the property at 123 Main Street in March 2006. At that time, I had just
started my own antique resale business, which had great promise for generating profits
capable of supporting my mortgage. Unfortunately, sales were slow, which I attribute to
great declines in tourism after gas prices skyrocketed. I ran out of money, and began
working as a waiter to make ends meet. At the same time I was redoubling my efforts in
my own business, but to no avail. After struggling for months to make my expensive
mortgage payments, I had no choice but to put my house on the market. In August of
2006, I put my home up for sale by owner at an original listing price of $210,000. The
only people to look at the house ran when they saw the extensive damage to the pool and
the severe water damage from a leaking roof that had long needed a replacement. I
lowered the price, but still had no takers. Over the next couple of months I lowered the
home price three times, finally settling at $170,000. This price was the lowest I could list
the house at and still afford real estate agent commissions to be deducted, although it
leaves me with no profit. The home still has no offers. I am working with a real estate
agent now, who is listing my house and promises to push it to get it sold quickly. I believe
that using an actual agent will ensure that the home sells promptly.
I love my home, but I also understand that, at this point, I cannot afford it. I am a single
parent, now working as a waiter to survive. My financial situation cannot sustain a home
mortgage of nearly $2,000 per month. I would like nothing more than to sell my home,
avoid foreclosure, and salvage my credit. This is my main concern. I know that a
foreclosure on my record will affect me for years to come. I would ask that you please
assist me in avoiding this.
Please accept this offer as payment in full. My attorney has advised me to file
bankruptcy, but I prefer to avoid further destruction of my credit. I just want to move on
and start over.
I deeply appreciate your help and understanding in this matter. If you have any
questions, or need anything further from me, please contact me personally.
Kindest regards,
Home Owner Name
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
Wednesday, March 18, 2009
Short Sale Hardship Letter Example
Short Sale Hardship Letter Example
Lender Name
Lender Address
Today’s Date
Re: Hardship Letter/Short Sale for 123 Main Street, City, State 12345
To Whom It May Concern:
I purchased the property at 123 Main Street in March 2006. At that time, I had just
started my own antique resale business, which had great promise for generating profits
capable of supporting my mortgage. Unfortunately, sales were slow, which I attribute to
great declines in tourism after gas prices skyrocketed. I ran out of money, and began
working as a waiter to make ends meet. At the same time I was redoubling my efforts in
my own business, but to no avail. After struggling for months to make my expensive
mortgage payments, I had no choice but to put my house on the market. In August of
2006, I put my home up for sale by owner at an original listing price of $210,000. The
only people to look at the house ran when they saw the extensive damage to the pool and
the severe water damage from a leaking roof that had long needed a replacement. I
lowered the price, but still had no takers. Over the next couple of months I lowered the
home price three times, finally settling at $170,000. This price was the lowest I could list
the house at and still afford real estate agent commissions to be deducted, although it
leaves me with no profit. The home still has no offers. I am working with a real estate
agent now, who is listing my house and promises to push it to get it sold quickly. I believe
that using an actual agent will ensure that the home sells promptly.
I love my home, but I also understand that, at this point, I cannot afford it. I am a single
parent, now working as a waiter to survive. My financial situation cannot sustain a home
mortgage of nearly $2,000 per month. I would like nothing more than to sell my home,
avoid foreclosure, and salvage my credit. This is my main concern. I know that a
foreclosure on my record will affect me for years to come. I would ask that you please
assist me in avoiding this.
Please accept this offer as payment in full. My attorney has advised me to file
bankruptcy, but I prefer to avoid further destruction of my credit. I just want to move on
and start over.
I deeply appreciate your help and understanding in this matter. If you have any
questions, or need anything further from me, please contact me personally.
Kindest regards,
Home Owner Name
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
Lender Name
Lender Address
Today’s Date
Re: Hardship Letter/Short Sale for 123 Main Street, City, State 12345
To Whom It May Concern:
I purchased the property at 123 Main Street in March 2006. At that time, I had just
started my own antique resale business, which had great promise for generating profits
capable of supporting my mortgage. Unfortunately, sales were slow, which I attribute to
great declines in tourism after gas prices skyrocketed. I ran out of money, and began
working as a waiter to make ends meet. At the same time I was redoubling my efforts in
my own business, but to no avail. After struggling for months to make my expensive
mortgage payments, I had no choice but to put my house on the market. In August of
2006, I put my home up for sale by owner at an original listing price of $210,000. The
only people to look at the house ran when they saw the extensive damage to the pool and
the severe water damage from a leaking roof that had long needed a replacement. I
lowered the price, but still had no takers. Over the next couple of months I lowered the
home price three times, finally settling at $170,000. This price was the lowest I could list
the house at and still afford real estate agent commissions to be deducted, although it
leaves me with no profit. The home still has no offers. I am working with a real estate
agent now, who is listing my house and promises to push it to get it sold quickly. I believe
that using an actual agent will ensure that the home sells promptly.
I love my home, but I also understand that, at this point, I cannot afford it. I am a single
parent, now working as a waiter to survive. My financial situation cannot sustain a home
mortgage of nearly $2,000 per month. I would like nothing more than to sell my home,
avoid foreclosure, and salvage my credit. This is my main concern. I know that a
foreclosure on my record will affect me for years to come. I would ask that you please
assist me in avoiding this.
Please accept this offer as payment in full. My attorney has advised me to file
bankruptcy, but I prefer to avoid further destruction of my credit. I just want to move on
and start over.
I deeply appreciate your help and understanding in this matter. If you have any
questions, or need anything further from me, please contact me personally.
Kindest regards,
Home Owner Name
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
Tuesday, March 17, 2009
HUD AWARDS $648,612 TO THE VIRGINIA PHAs
HUD AWARDS $648,612 TO THE VIRGINIA PHAs TO BRING JOBS, ECONOMIC INDEPENDENCE TO PUBLIC HOUSING RESIDENTS IN VIRGINIA
WASHINGTON - The U.S. Department of Housing and Urban Development today awarded $648,612 to ten Virginia public housing agencies that will be used to help public housing residents in ten cities to find jobs that lead them toward economic independence. This funding was part of nearly $12 million awarded to 207 public housing agencies across the U.S.
The grants are provided through HUD's Public Housing Family Self-Sufficiency Program, which enables public housing agencies (PHA) to hire program coordinators who work directly with residents to connect them with local education and training opportunities; job placement organizations and local employers. The purpose of the program is to encourage local innovative strategies that link public housing assistance with public and private resources to enable participating families to increase earned income; reduce or eliminate the need for welfare assistance; and make progress toward achieving economic independence and housing self-sufficiency.
"As America prepares to meet the growing challenges brought on by rising unemployment, it helps to have a helping hand guide individuals to training and job opportunities in their community," said HUD Richmond Field Office Director Bill Miles. "These grants will help public housing residents find employment or assist others who want to increase their earning power."
The competitive grants awarded in Virginia are as follows:
Bristol Redevelopment and Housing Authority
$39,441
Chesapeake Redevelopment & Housing Authority
$47,448
Danville Redevelopment and Housing Authority
$45,894
Fairfax County Redevelopment and Housing Authority
$68,000
Newport News Redevelopment and Housing Authority
$46,000
Norfolk Redevelopment and Housing Authority
$134,930
Portsmouth Redevelopment & Housing Authority
$52,164
Richmond Redevelopment & Housing Authority
$65,500
Roanoke Redevelopment and Housing Authority
$107,435
Waynesboro Redevelopment and Housing Authority
$41,800
Public housing residents sign a contract to participate, which outlines their responsibilities towards completion of training and employment objectives up to a five-year period. For each participating family that is a welfare recipient, the PHA must establish an interim goal that the participating family be independent from welfare assistance prior to the expiration of the contract. During the period of participation, residents may earn an escrow credit based on increased earned income, which they may use in a variety of ways, including continuing their education or down payment toward a home purchase. A HUD study showed low-income families who participated in a similar HUD family self-sufficiency program saw their incomes increase at a higher rate than non-participants.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
WASHINGTON - The U.S. Department of Housing and Urban Development today awarded $648,612 to ten Virginia public housing agencies that will be used to help public housing residents in ten cities to find jobs that lead them toward economic independence. This funding was part of nearly $12 million awarded to 207 public housing agencies across the U.S.
The grants are provided through HUD's Public Housing Family Self-Sufficiency Program, which enables public housing agencies (PHA) to hire program coordinators who work directly with residents to connect them with local education and training opportunities; job placement organizations and local employers. The purpose of the program is to encourage local innovative strategies that link public housing assistance with public and private resources to enable participating families to increase earned income; reduce or eliminate the need for welfare assistance; and make progress toward achieving economic independence and housing self-sufficiency.
"As America prepares to meet the growing challenges brought on by rising unemployment, it helps to have a helping hand guide individuals to training and job opportunities in their community," said HUD Richmond Field Office Director Bill Miles. "These grants will help public housing residents find employment or assist others who want to increase their earning power."
The competitive grants awarded in Virginia are as follows:
Bristol Redevelopment and Housing Authority
$39,441
Chesapeake Redevelopment & Housing Authority
$47,448
Danville Redevelopment and Housing Authority
$45,894
Fairfax County Redevelopment and Housing Authority
$68,000
Newport News Redevelopment and Housing Authority
$46,000
Norfolk Redevelopment and Housing Authority
$134,930
Portsmouth Redevelopment & Housing Authority
$52,164
Richmond Redevelopment & Housing Authority
$65,500
Roanoke Redevelopment and Housing Authority
$107,435
Waynesboro Redevelopment and Housing Authority
$41,800
Public housing residents sign a contract to participate, which outlines their responsibilities towards completion of training and employment objectives up to a five-year period. For each participating family that is a welfare recipient, the PHA must establish an interim goal that the participating family be independent from welfare assistance prior to the expiration of the contract. During the period of participation, residents may earn an escrow credit based on increased earned income, which they may use in a variety of ways, including continuing their education or down payment toward a home purchase. A HUD study showed low-income families who participated in a similar HUD family self-sufficiency program saw their incomes increase at a higher rate than non-participants.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
HUD AWARDS $648,612 TO THE VIRGINIA PHAs
HUD AWARDS $648,612 TO THE VIRGINIA PHAs TO BRING JOBS, ECONOMIC INDEPENDENCE TO PUBLIC HOUSING RESIDENTS IN VIRGINIA
WASHINGTON - The U.S. Department of Housing and Urban Development today awarded $648,612 to ten Virginia public housing agencies that will be used to help public housing residents in ten cities to find jobs that lead them toward economic independence. This funding was part of nearly $12 million awarded to 207 public housing agencies across the U.S.
The grants are provided through HUD's Public Housing Family Self-Sufficiency Program, which enables public housing agencies (PHA) to hire program coordinators who work directly with residents to connect them with local education and training opportunities; job placement organizations and local employers. The purpose of the program is to encourage local innovative strategies that link public housing assistance with public and private resources to enable participating families to increase earned income; reduce or eliminate the need for welfare assistance; and make progress toward achieving economic independence and housing self-sufficiency.
"As America prepares to meet the growing challenges brought on by rising unemployment, it helps to have a helping hand guide individuals to training and job opportunities in their community," said HUD Richmond Field Office Director Bill Miles. "These grants will help public housing residents find employment or assist others who want to increase their earning power."
The competitive grants awarded in Virginia are as follows:
Bristol Redevelopment and Housing Authority
$39,441
Chesapeake Redevelopment & Housing Authority
$47,448
Danville Redevelopment and Housing Authority
$45,894
Fairfax County Redevelopment and Housing Authority
$68,000
Newport News Redevelopment and Housing Authority
$46,000
Norfolk Redevelopment and Housing Authority
$134,930
Portsmouth Redevelopment & Housing Authority
$52,164
Richmond Redevelopment & Housing Authority
$65,500
Roanoke Redevelopment and Housing Authority
$107,435
Waynesboro Redevelopment and Housing Authority
$41,800
Public housing residents sign a contract to participate, which outlines their responsibilities towards completion of training and employment objectives up to a five-year period. For each participating family that is a welfare recipient, the PHA must establish an interim goal that the participating family be independent from welfare assistance prior to the expiration of the contract. During the period of participation, residents may earn an escrow credit based on increased earned income, which they may use in a variety of ways, including continuing their education or down payment toward a home purchase. A HUD study showed low-income families who participated in a similar HUD family self-sufficiency program saw their incomes increase at a higher rate than non-participants.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
WASHINGTON - The U.S. Department of Housing and Urban Development today awarded $648,612 to ten Virginia public housing agencies that will be used to help public housing residents in ten cities to find jobs that lead them toward economic independence. This funding was part of nearly $12 million awarded to 207 public housing agencies across the U.S.
The grants are provided through HUD's Public Housing Family Self-Sufficiency Program, which enables public housing agencies (PHA) to hire program coordinators who work directly with residents to connect them with local education and training opportunities; job placement organizations and local employers. The purpose of the program is to encourage local innovative strategies that link public housing assistance with public and private resources to enable participating families to increase earned income; reduce or eliminate the need for welfare assistance; and make progress toward achieving economic independence and housing self-sufficiency.
"As America prepares to meet the growing challenges brought on by rising unemployment, it helps to have a helping hand guide individuals to training and job opportunities in their community," said HUD Richmond Field Office Director Bill Miles. "These grants will help public housing residents find employment or assist others who want to increase their earning power."
The competitive grants awarded in Virginia are as follows:
Bristol Redevelopment and Housing Authority
$39,441
Chesapeake Redevelopment & Housing Authority
$47,448
Danville Redevelopment and Housing Authority
$45,894
Fairfax County Redevelopment and Housing Authority
$68,000
Newport News Redevelopment and Housing Authority
$46,000
Norfolk Redevelopment and Housing Authority
$134,930
Portsmouth Redevelopment & Housing Authority
$52,164
Richmond Redevelopment & Housing Authority
$65,500
Roanoke Redevelopment and Housing Authority
$107,435
Waynesboro Redevelopment and Housing Authority
$41,800
Public housing residents sign a contract to participate, which outlines their responsibilities towards completion of training and employment objectives up to a five-year period. For each participating family that is a welfare recipient, the PHA must establish an interim goal that the participating family be independent from welfare assistance prior to the expiration of the contract. During the period of participation, residents may earn an escrow credit based on increased earned income, which they may use in a variety of ways, including continuing their education or down payment toward a home purchase. A HUD study showed low-income families who participated in a similar HUD family self-sufficiency program saw their incomes increase at a higher rate than non-participants.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
Obama Grants Money To Home Programs in Virginia
OBAMA ADMINISTRATION AWARDS $22.6 MILLION IN HOMELESS GRANTS TO 133 LOCAL HOUSING AND SERVICE PROGRAMS IN VIRGINIA
RICHMOND - U.S. Housing and Urban Development Secretary Shaun Donovan today announced the Obama Administration is awarding $22,672,421 million in grants to 133 local homeless programs throughout Virginia. HUD grants offer homeless individuals and families a wide range of housing and support services. For a complete local summary of the grant funding announced today, visit HUD's website.
"With the foreclosure and unemployment crisis looming, millions of families - both homeowners and renters - are in danger of losing their homes so we must focus substantial resources to help those families find stable housing," said Donovan. "The grants being awarded today, along with the recovery plan's additional $1.5 billion, will offer a critical lifeline to those persons and families who, after a foreclosure or job loss, might otherwise be faced with homelessness. Today we are announcing an unprecedented commitment to fund programs that have a proven track record of providing real housing solutions for our most vulnerable neighbors."
Included in today's announcement, HUD is awarding $24 million to create new pilot programs in 23 local communities to rapidly rehouse homeless families with children. These local pilot programs will become the basis of a significantly expanded $1.5 billion effort to offer quick housing assistance to homeless families and to prevent homelessness among those facing a sudden economic crisis.
HUD's funding is provided in two ways:
Continuum of Care Grants provide permanent and transitional housing to homeless persons. In addition, Continuum grants fund important services including job training, health care, mental health counseling, substance abuse treatment and child care. More than $1.5 billion in Continuum of Care grants are awarded competitively to local programs to meet the needs of their homeless clients. Continuum grants fund a wide variety of programs from street outreach and assessment programs to transitional and permanent housing for homeless persons and families.
Emergency Shelter Grants provide funds for the operation of local shelters and fund related social service and homeless prevention programs. Emergency Shelter Grants that are allocated based on a formula to state and local governments to create, improve and operate emergency shelters for homeless persons. These funds may also support essential services including job training, health care, drug/alcohol treatment, childcare and homelessness prevention activities. By helping to support emergency shelter, transitional housing and needed support services, Emergency Shelter Grants are designed to move homeless persons away from a life on the street toward permanent housing.
This year, HUD launched a new electronic grant submission process called e-snaps. This new electronic system allows applicants to store their submissions as they work on them and significantly reduces the time it takes HUD staff to review these applications. It also saves considerable effort by avoiding burdensome and time-consuming data entry. In the end, e-snaps will streamline and accelerate the process of awarding HUD grant to local homeless programs across the country.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
RICHMOND - U.S. Housing and Urban Development Secretary Shaun Donovan today announced the Obama Administration is awarding $22,672,421 million in grants to 133 local homeless programs throughout Virginia. HUD grants offer homeless individuals and families a wide range of housing and support services. For a complete local summary of the grant funding announced today, visit HUD's website.
"With the foreclosure and unemployment crisis looming, millions of families - both homeowners and renters - are in danger of losing their homes so we must focus substantial resources to help those families find stable housing," said Donovan. "The grants being awarded today, along with the recovery plan's additional $1.5 billion, will offer a critical lifeline to those persons and families who, after a foreclosure or job loss, might otherwise be faced with homelessness. Today we are announcing an unprecedented commitment to fund programs that have a proven track record of providing real housing solutions for our most vulnerable neighbors."
Included in today's announcement, HUD is awarding $24 million to create new pilot programs in 23 local communities to rapidly rehouse homeless families with children. These local pilot programs will become the basis of a significantly expanded $1.5 billion effort to offer quick housing assistance to homeless families and to prevent homelessness among those facing a sudden economic crisis.
HUD's funding is provided in two ways:
Continuum of Care Grants provide permanent and transitional housing to homeless persons. In addition, Continuum grants fund important services including job training, health care, mental health counseling, substance abuse treatment and child care. More than $1.5 billion in Continuum of Care grants are awarded competitively to local programs to meet the needs of their homeless clients. Continuum grants fund a wide variety of programs from street outreach and assessment programs to transitional and permanent housing for homeless persons and families.
Emergency Shelter Grants provide funds for the operation of local shelters and fund related social service and homeless prevention programs. Emergency Shelter Grants that are allocated based on a formula to state and local governments to create, improve and operate emergency shelters for homeless persons. These funds may also support essential services including job training, health care, drug/alcohol treatment, childcare and homelessness prevention activities. By helping to support emergency shelter, transitional housing and needed support services, Emergency Shelter Grants are designed to move homeless persons away from a life on the street toward permanent housing.
This year, HUD launched a new electronic grant submission process called e-snaps. This new electronic system allows applicants to store their submissions as they work on them and significantly reduces the time it takes HUD staff to review these applications. It also saves considerable effort by avoiding burdensome and time-consuming data entry. In the end, e-snaps will streamline and accelerate the process of awarding HUD grant to local homeless programs across the country.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
Obama Grants Money To Home Programs in Virginia
OBAMA ADMINISTRATION AWARDS $22.6 MILLION IN HOMELESS GRANTS TO 133 LOCAL HOUSING AND SERVICE PROGRAMS IN VIRGINIA
RICHMOND - U.S. Housing and Urban Development Secretary Shaun Donovan today announced the Obama Administration is awarding $22,672,421 million in grants to 133 local homeless programs throughout Virginia. HUD grants offer homeless individuals and families a wide range of housing and support services. For a complete local summary of the grant funding announced today, visit HUD's website.
"With the foreclosure and unemployment crisis looming, millions of families - both homeowners and renters - are in danger of losing their homes so we must focus substantial resources to help those families find stable housing," said Donovan. "The grants being awarded today, along with the recovery plan's additional $1.5 billion, will offer a critical lifeline to those persons and families who, after a foreclosure or job loss, might otherwise be faced with homelessness. Today we are announcing an unprecedented commitment to fund programs that have a proven track record of providing real housing solutions for our most vulnerable neighbors."
Included in today's announcement, HUD is awarding $24 million to create new pilot programs in 23 local communities to rapidly rehouse homeless families with children. These local pilot programs will become the basis of a significantly expanded $1.5 billion effort to offer quick housing assistance to homeless families and to prevent homelessness among those facing a sudden economic crisis.
HUD's funding is provided in two ways:
Continuum of Care Grants provide permanent and transitional housing to homeless persons. In addition, Continuum grants fund important services including job training, health care, mental health counseling, substance abuse treatment and child care. More than $1.5 billion in Continuum of Care grants are awarded competitively to local programs to meet the needs of their homeless clients. Continuum grants fund a wide variety of programs from street outreach and assessment programs to transitional and permanent housing for homeless persons and families.
Emergency Shelter Grants provide funds for the operation of local shelters and fund related social service and homeless prevention programs. Emergency Shelter Grants that are allocated based on a formula to state and local governments to create, improve and operate emergency shelters for homeless persons. These funds may also support essential services including job training, health care, drug/alcohol treatment, childcare and homelessness prevention activities. By helping to support emergency shelter, transitional housing and needed support services, Emergency Shelter Grants are designed to move homeless persons away from a life on the street toward permanent housing.
This year, HUD launched a new electronic grant submission process called e-snaps. This new electronic system allows applicants to store their submissions as they work on them and significantly reduces the time it takes HUD staff to review these applications. It also saves considerable effort by avoiding burdensome and time-consuming data entry. In the end, e-snaps will streamline and accelerate the process of awarding HUD grant to local homeless programs across the country.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
RICHMOND - U.S. Housing and Urban Development Secretary Shaun Donovan today announced the Obama Administration is awarding $22,672,421 million in grants to 133 local homeless programs throughout Virginia. HUD grants offer homeless individuals and families a wide range of housing and support services. For a complete local summary of the grant funding announced today, visit HUD's website.
"With the foreclosure and unemployment crisis looming, millions of families - both homeowners and renters - are in danger of losing their homes so we must focus substantial resources to help those families find stable housing," said Donovan. "The grants being awarded today, along with the recovery plan's additional $1.5 billion, will offer a critical lifeline to those persons and families who, after a foreclosure or job loss, might otherwise be faced with homelessness. Today we are announcing an unprecedented commitment to fund programs that have a proven track record of providing real housing solutions for our most vulnerable neighbors."
Included in today's announcement, HUD is awarding $24 million to create new pilot programs in 23 local communities to rapidly rehouse homeless families with children. These local pilot programs will become the basis of a significantly expanded $1.5 billion effort to offer quick housing assistance to homeless families and to prevent homelessness among those facing a sudden economic crisis.
HUD's funding is provided in two ways:
Continuum of Care Grants provide permanent and transitional housing to homeless persons. In addition, Continuum grants fund important services including job training, health care, mental health counseling, substance abuse treatment and child care. More than $1.5 billion in Continuum of Care grants are awarded competitively to local programs to meet the needs of their homeless clients. Continuum grants fund a wide variety of programs from street outreach and assessment programs to transitional and permanent housing for homeless persons and families.
Emergency Shelter Grants provide funds for the operation of local shelters and fund related social service and homeless prevention programs. Emergency Shelter Grants that are allocated based on a formula to state and local governments to create, improve and operate emergency shelters for homeless persons. These funds may also support essential services including job training, health care, drug/alcohol treatment, childcare and homelessness prevention activities. By helping to support emergency shelter, transitional housing and needed support services, Emergency Shelter Grants are designed to move homeless persons away from a life on the street toward permanent housing.
This year, HUD launched a new electronic grant submission process called e-snaps. This new electronic system allows applicants to store their submissions as they work on them and significantly reduces the time it takes HUD staff to review these applications. It also saves considerable effort by avoiding burdensome and time-consuming data entry. In the end, e-snaps will streamline and accelerate the process of awarding HUD grant to local homeless programs across the country.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
Understanding the Short Sale Process
Before you consider a Short Sale be sure to contact your lender and any other agency that may be able to help you. Beware of anyone who approaches you to “solve your problems,” or charges you any fees. Use only a licensed realtor who gets paid only when the property is sold. There may be important tax considerations. Be sure to contact a qualified tax accountant to understand how they may affect you. As soon as you get a Foreclosure Notice... If you have missed any mortgage payments the lender will contact you to warn you of a possibility of foreclosure. You will usually be given the option catch up with your payments or perhaps to work out some kind of payment schedule. This is called the REINSTATEMENT PERIOD. If you are unable to do this you will get a notice in writing, usually from an attorney acting on the lenders behalf, warning of the foreclosure and the impending SHERIFF’S SALE.
The SHERIFF’S SALE is scheduled and there is a public auction for the property conducted at the Sheriff’s office or county courthouse. Usually it is the bank that wins the bid for the property. After the Sheriff’s Sale, in Minnesota, you usually have six months, called the REDEMPTION PERIOD, during which the mortgage needs to be paid in full either by refinancing, a cash payment or selling the property to satisfy the mortgage(s). You do not need to move until the end of the redemption period or the sale of the property. In many cases the only option is to either let the property go to full foreclosure or sell the property. It is often better for your credit to sell the property and satisfy the mortgage than to let the bank foreclose. However, in this market the odds are very high that the value of the property is less than the mortgage(s). That brings us to the SHORT SALE.
SHORT SALES
A SHORT SALE is when the bank agrees to take less than what is owed, and to allow the property to be sold at a loss. This way the lender removes a non-performing loan from their portfolio and lessens the risk of selling the property at even a greater loss after a foreclosure. Not to mention all of the carrying costs the bank may have during and after a foreclosure. The seller is then released from the loan with less damage to their credit than a foreclosure.
Short Sale Process
A Letter of authorization to release information is sent to the lender. This allows the realtor to talk to lender. The property is listed on the MLS for sale. A Short Sale Package is assembled and sent to the lender. This includes a hardship letter, a financial statement, monthly bills, debts, income pay stubs, tax forms, etc. The realtor sends this to the lender for review. An offer/Purchase Agreement is received. The lender reviews entire package, including the offer. The lender may negotiate terms or price of offer. The property is sold & the owner is released of debt liability.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.theaverygroup.com/
The SHERIFF’S SALE is scheduled and there is a public auction for the property conducted at the Sheriff’s office or county courthouse. Usually it is the bank that wins the bid for the property. After the Sheriff’s Sale, in Minnesota, you usually have six months, called the REDEMPTION PERIOD, during which the mortgage needs to be paid in full either by refinancing, a cash payment or selling the property to satisfy the mortgage(s). You do not need to move until the end of the redemption period or the sale of the property. In many cases the only option is to either let the property go to full foreclosure or sell the property. It is often better for your credit to sell the property and satisfy the mortgage than to let the bank foreclose. However, in this market the odds are very high that the value of the property is less than the mortgage(s). That brings us to the SHORT SALE.
SHORT SALES
A SHORT SALE is when the bank agrees to take less than what is owed, and to allow the property to be sold at a loss. This way the lender removes a non-performing loan from their portfolio and lessens the risk of selling the property at even a greater loss after a foreclosure. Not to mention all of the carrying costs the bank may have during and after a foreclosure. The seller is then released from the loan with less damage to their credit than a foreclosure.
Short Sale Process
A Letter of authorization to release information is sent to the lender. This allows the realtor to talk to lender. The property is listed on the MLS for sale. A Short Sale Package is assembled and sent to the lender. This includes a hardship letter, a financial statement, monthly bills, debts, income pay stubs, tax forms, etc. The realtor sends this to the lender for review. An offer/Purchase Agreement is received. The lender reviews entire package, including the offer. The lender may negotiate terms or price of offer. The property is sold & the owner is released of debt liability.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.theaverygroup.com/
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