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The Joe Niece Team....The Results of Experience

Bethel Minnesota Short Sale Information and Advice. Let us help you now, Call us at 612-305-8487.

E-mail Joe Niece about your situation
Calculate your chance of a successful short sale

We can negotiate for your lender to pay your closing costs and Realtor fee's. The agent you choose to help you with your Bethel Short Sale will determine your success rate. Most agents do not specialize in Bethel Short Sales. The average agent has less than a 30% chance of completing a successful short sale with you. You have almost a 300% better chance if you use our specialized short sale team.

A Bethel Minnesota short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor located in Minnesota. This Short Sale negotiation is all done through communication with a bank's Loss Mitigation Department. The home owner/debtor sells the Minnesota mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.

Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.

1. Foreclosure inventory down by up to 75%

2. Short Sale inventory down by up to 50%

3. Interest rates up 25-35%

4. Fed indicates that they will soon stop buying bonds. In Nov of 2008 the Fed started buying bonds and interest rates dropped dramatically almost overnight.

5. The impact this will have on the real estate market will be catastrophic. Rates should shoot up to almost 6% and most likely will not level off until they hit 7.0-7.5%.

6. Homes will see a decrease in value ranging from 10-30% depending on a homes specific area

7. My advice is to sell your home now if you plan to sell in the next 2-5 years

8. If you are buying with a loan, make sure and purchase your next home within the next 6-18 months so you can lock in a much lower interest rate over the next 15-30 years

9. If you are planning on doing a short sale, start as soon as possible so that you are stuck in a market where the values are falling dramatically each month

2012 UPDATE !!!!!! March 9th 2012
HAFA Extended to December 31st 2013
Key Points of the new update:
1. No Longer any Occupancy Requirements-You don't have to be living in the home
2. $3,000 Relocation with HAFA now both Owner Occupied and Tenant Occupied at the time of sale.
3. Seller may make full payments to servicers even if the amount is over 31%, keep current and Qualify for HAFA
4. 2nd Lien Holders can get up to 8,500
5. Credit Reporting will now be one of the following:
a. Account Status Code 13-Paid or closed account, zero balance
b. Account paid in full, a foreclosure was started.

In 2012 I have changed my belief as to what determines if a homeowner will be successful with their short sale.
1. Who you pick to help you with your short sale.
2. Who your lender is.
3. What your hardship is.

I know that seem crazy but almost all of the horror stories I hear were caused by the agents or negotiators not understanding the process or not being experienced enough.

Traditional Short Sale

A short sale occurs when your property is sold at a price lower than the amount you owe on the mortgage, and your lender agrees to the "short" payoff. A short sale becomes an option if you are behind on your mortgage payments, you want or need to leave the property and do not have the funds to pay the difference between the net proceeds from the sale of your home and the mortgage. For delinquent homeowners and lenders, short sales provide a way to avoid many of the costly impacts of foreclosure.

A short sale may make sense if you:

Do not qualify for any options to keep your home, including HAMP, forbearance and reinstatement.
Owe more on your loan than the home is worth.
Don't think you can sell your home at a price that would cover your loan amount.

Home Affordable Foreclosure Alternatives (HAFA)

If you can no longer afford your mortgage and are interested in transitioning out of your home to more affordable housing, you may be eligible for a short sale through the federal Home Affordable Foreclosure Alternatives (HAFA) , a component of the federal Making Home Affordable Program. With this option, you will avoid some of the negative effects of foreclosure and may be eligible to receive a payment of $3,000 to help you move to a new home.

A HAFA short sale may make sense if you:

Have a loan that is owned by Freddie Mac, Fannie Mae or a participating investor.
Do not qualify for, or did not complete a trial period plan through, HAMP.
Took out your mortgage on or before January 1, 2009.
Are behind on your mortgage payments.
Spend more than 31 percent of your pre-tax income on your mortgage payment (including principal, interest, taxes, insurance and homeowner's association dues).
Are unable to afford your mortgage payments because of a documentable financial hardship.

You may be eligible for the Home Affordable Foreclosure Alternatives program if:

the property is your current principal residence, OR the property has been vacant or rented out for less than 12 months, and you have not bought another principal residence during that time.

the amount you owe on your first mortgage for your property is equal to or less than:

$729,750 for 1 unit
$934,200 for 2 units
$1,129,250 for 3 units
$1,403,400 for 4 units

you owe more on your home than it’s worth

your current mortgage was taken out on or before January 1, 2009

you are experiencing a hardship (such as a job loss, divorce or medical emergency) and are unable to afford your current home loan
(For loans not owned by Fannie Mae or Freddie Mac)
for HAMP for other foreclosure prevention options including the Home Affordable Foreclosure Alternatives
program which includes short sale and deed-in-lieu. However, each servicer has some discretion in determining
additional eligibility criteria and certain program rules.

2011 UPDATE !!!!!!
I am really getting disgusted with all of the get rich quick scams that I am seeing from people trying to make a quick buck off of homeowners that are in trouble. I have decided to add the following list so that you can decide if a person or company that you are thinking of dealing with is looking out for you best interest.

1. Do they advertise their name prominantly as a Bethel short sale expert on their main website? Why is this important? Many agents think of Bethel short sales as an additional source of revenue verus being proud of helping people that are in trouble. They do not want to tie themselves as being a Bethel short sale expert because it might turn off their normal sale clients. If they are not proud of helping people that are in trouble who need to do a Bethel short sale, then you should not work with them.

2. Do they give you all of the information you need to determine if you should do a Bethel short sale, or do they tease you with information, ask you to sign up for emailed information, and withhold the information that you need to research your options? If they do not have the information to give you or if they are not willing to take the time and money to put it on their website, are you sure that they are 100% committed to helping you do a short sale?

3. Do they tell you what banks they have worked with on Bethel short sales? It might be good to have something in writing that shows they have a history working with short sales in Bethel. Ninety nine percent of the people you find online had never done a short sale before 2010. Ninety nine percent will have only done a short sale with one or two lenders.

Past Short Sale Experience Here are some of our past short sales that we have had experience with.

As of today, we are actively working about 70-80 short sales. This includes about two dozen Bank of America Short Sales, almost two dozen Wellsfargo Short Sales, and a dozen each of Us Bank Short Sales, Chase Short Sales, Citi Mortgage Short Sales, Credit Union Short Sales and TCF Short Sales.
The person you choose will determine almost 100% if you are going to be successful or not with your Bethel short sale. With the correct short sale agent, you will stay out of foreclosure and, remove or minimize the bank asking you for money or a prom note. If you pick the wrong agent, you very likely will become a Bethel foreclosure, end up owing much more than you need to pay and possibly have collectors coming after you for six years.

4. Do they have any Bethel short sale video (see below) that explains the process? Why is this important? It would be nice to hear in person what the person is saying from their own mouth? If not, how do you know if they are telling you one thing to get your business, and doing something else later?

5. Are they willing to point you to information on doing a Bethel loan modification? If you are looking for all of your options, they should be willing to talk to you about things that will not make them money. Be aware if they are trying to help you and also make a living, or just trying to make money off of your mis-fortune.

6. Do they spend the time to blog about short sales? If they are a Bethel short sale expert, do they take the time to get information out to others?
Joe Niece's Blog
Joe Niece's Trulia Blog
Joe Niece's HomeGain Blog
Joe Niece's Active Rain Blog

7. Do they have a Lawyer available at no cost to consult with about any legal questions that you might have about your Bethel short Sale? Will he go over your Bethel Short Sale approval letter with you?

8. Do they have a CPA or Tax expert to explain questions about Bethel short sale 1099 income. Do they have someone that can talk to you about Insolvency, rental issues and other questions that come up during your short sale?

9. Do they farm out their Bethel short sales to a third party negotiator, law firm or out of state company. A great Bethel short sale negotiator is very hard to find, expensive and vital to your short sale success. If your agent is doing it all, they most likely do not have the experience with multiple lenders and all of the different issues that can come up. If they are farming it out, the company they send you to very likely may look at you as a number, versus as a real person that needs help. Don't let a slick sales pitch take you off track. You need to make sure that you are going to be in better shape when you are done than when you started.

10. Will they come out and meet with you and not ask you to sign a contract right away? Make sure they are as willing to help versus make money. If their heart is in the right place, then they most likely will go the extra mile to help you.

11. Have they taken the time to get educated? I continue to educate myself with my Bethel Certified Distressed Property Expert certification, SFR training and Five Star training. I recently received the e-mail below from Dave Liniger, the Chairman and Co-Founder of REMAX.

Dear Joe,

Congratulations! Because of your Short Sale training and expertise, you have been selected to participate in the CitiMortgage ProActive Short Sale program.

The program is designed to assist families facing foreclosure with a viable alternative, and a more "graceful exit" through a Short Sale. In support of this program, the names of local RE/MAX agents, who have a demonstrated expertise in Short Sales, will be provided to these homeowners. The homeowners may choose to contact those agents.

The primary reason you have been selected to participate in this program is your demonstrated commitment to the Short Sale process. You should have either a CDPE designation, SFR certification or Five Star training, along with a proven high level of experience with Short Sale transactions.

Thank you,

Dave Liniger
Chairman and Co-Founder

12. Are they willing to live chat with you?

End 2011 Update, continue reading below about Bethel Short Sales

A short sale in Bethel Minnesota typically is executed to prevent a home foreclosure. Often a bank will choose to allow Bethel property to short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive in Minnesota than a foreclosure in Minnesota due to the redemption laws. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.

Minnesota Short Sale Information

Learn More about Short Sales

Bethel Short Sale versus Bethel Foreclosure, which is the best option? In almost all cases, a Bethel Foreclosure is a bad option if you have the choice of doing a Bethel Short Sale. Why is this? If you think about it, it starts to make more sense.

Let's look at the differences between a Bethel Short Sale and a Bethel Foreclosure. A Bethel Short Sale is when you need to sell but owe more then your home will sell for. The process similar to a normal sale in some ways.

1. You need to sell. (same)

2. Your home is worth less then you can sell it for. (different)

3. You contact a Realtor. If you are looking in Minnesota, you can contact us. Do not use a Realtor that does not have free information and/or Short Sale video on their website about Bethel Short Sales. The choice you make when picking a Realtor will in most cases determine if you will be successful or not with your short sale. Find someone like us that has helped hundreds of homeowners with their foreclosure or short sale needs versus 99% of the agents that have done less then five short sales. This will increase your chances of being successful from about 30% to about 90%. (similar)

4. You negotiate with the bank if you chose a bad Realtor or we negotiate if you picked us. Most people agree that negotiating for yourself has some very big negatives but you need to do what you are comfortable with. (different)

5. We negotiate for the bank to pay your closing costs and fee's. (different)

6. Your lender pays your Realtor fee's (different)

7. You sign at closing to sell your home. (same)

If you are missing your payments and you do nothing, you will most likely end up as a Foreclosure in Bethel. The process can take five weeks, it can take nine months, it can take a year depending on your situation. Once your redemption period ends, you must leave your home. Let's talk about the main problems with letting your home become a Bethel foreclosure versus a Bethel Short Sale.

1. The bank does not want to force you into foreclosure. It is much better for them to allow you to do a Bethel short sale versus ending up as a Bethel Foreclosure. They will work with you if you just follow the instructions that they give you.

2. A Bethel Foreclosure will double or triple the time it will take for you to fix your credit and get another loan on a home. This might be far down on your list now but why ruin your credit for longer then you have to.

3. If you have private mortgage insurance, the private mortgage insurance company may pay part or all of the money that the bank loses. The problem is that they will come after you once you have become a Bethel Foreclosure. Having a collection agency going after you for ten or more years may not seem like a great option to most people.

4. If you have more then one loan, the junior lien holders are still owned the money they have lost after you Bethel Home Forecloses. They can and will come after you and file a deficiency judgment which you will have to pay. If you do a Bethel short sale instead, we can get the second mortgages to settle.

Minnesota Short Sale Hardship LettersMinnesota Shortsale Hardship Letter Samples

Let a Bethel Minnesota short sale Expert help you now, Call Joe Niece at 612-305-8487.

E-mail Joe Niece about your situation


All of the information provided is gathered from numerous sources. If you are in need of help, contact us for a private meeting about your particular situation. Some provisions may not be applicable in all states and may change daily based on new laws and interpretations. This infomation is provided as a public service to help troubled borrowers and lenders minimize the economic and emotional damage that foreclosures have had on society. Legal advice should be obtained from an attorney.

I. Lender's Options Upon Borrower's Loan Default

Q 1. What options does a lender have on a debt secured by real Bethel property if the borrower does not make the payments on the loan?


Depending on the situation, a lender may consider one of the following:

A lender may foreclose on the defaulting borrower's real property which secures the loan. There are two types of "foreclosures" available to a lender: a trustee's (sherriff's) sale and a judicial foreclosure. Technically, a sherriff's (trustee's) sale is not a "foreclosure" but the term has been used for both a trustee's sale as well as a judicial foreclosure.

For certain loans, a lender has no choice and must conduct a sherriff's(trustee's) sale. With a sherriff's(trustee's sale), a lender cannot go after a deficiency judgment. A deficiency occurs when the current market value of the property is less than the loan on the property. See Questions 3 and 4 for more details.

Q 2. What other options may the lender consider instead of foreclosure when the borrower is delinquent?


Loan Workout or Short Payoff/Short Sale

Basically, a loan workout is any resolution of a problem loan between the lender and borrower that modifies the original loan agreement. Some of these options include forbearance (e.g. forgiving a portion of the debt or late charges); deferment; renegotiating interest rate, monthly payment amount, principal amount, maturity date; or the enforcement of an acceleration clause in the loan.

The lender may also be able to pursue "guarantors" of the debt who have signed written guarantee agreements (not including the borrowers).

*: With a Bethel short payoff, the lender accepts less than the remaining mortgage amount as full payment of the loan. The property need not be sold.

*Note: Some lenders do not differentiate between a Bethel short sale and a Bethel short payoff.

Q 3. What is a deficiency judgment?


A deficiency judgment is a judgment obtained by the lender in court against the borrower for the difference between the unpaid balance of the secured debt and the amount produced by sale or the fair market value of the security, whichever is greater, in a judicial foreclosure. A lender may obtain a deficiency judgment only with a judicial foreclosure. With a sherriff's(trustee's) sale foreclosure, the lender cannot go after a deficiency judgment. See Question 4 for more details.

Q 4. Can a real estate lender obtain a deficiency judgment against a defaulting borrower following foreclosure?


It depends. Some states have "anti-deficiency statutes" that protect certain borrowers from deficiency judgments. Under those circumstances, a lender would opt for a sherriff's (trustee's) sale foreclosure which is quicker and less expensive than a judicial foreclosure. A sherriff's (trustee's) sale foreclosure does not involve the courts. Generally, there are five situations in which a deficiency judgment is prohibited.:

1) Purchase Money

2) Seller Carryback.

3) Trustee’s Sale.

4) 3 Month Time Limit.

5) Fair Value Limitations.

When a deficiency judgment is permitted, the lender may obtain one only following a judicial foreclosure, or when the security has become valueless (such as when security for a second trust deed loan is wiped out when the first trust deed lender completes its foreclosure). Holders of a junior deed of trust (second, third, etc.) should note that if the "wiped-out" junior lien is not purchase money or seller carryback, then the junior lien holder may sue on the note and the borrower on the junior loan may be personally liable.

Q 5. Can a lender avoid the foreclosure process and just sue the borrower on the note (i.e., treat it as an unsecured note)?


No. A lender cannot sue on a debt secured by a mortgage or trust deed except for a judicial foreclosure. This is called the "one action rule" or "one form of action rule." One exception to this rule is if the security for the loan has become "valueless" after the lender's security interest was recorded (e.g., a "wiped out" junior lien holder). In this case, the lender can sue directly on the debt (note) unless the borrower's loan falls into category 1) or 2) in Question 4. A deficiency judgment is limited by the difference between the amount of the indebtedness and the fair market value of the property, unless the actual sale price exceeds that value. An action for a deficiency judgment must be brought within 3 months from the time of judicially-ordered sale. A lender may not pursue a deficiency judgment against the borrower should the lender opt to foreclose by a trustee's sale foreclosure (a non-judicial action). If the purchase money loan for any type of real property is financed by the seller and secured by that same property, the lender/seller may not obtain a deficiency judgment against the defaulting borrower/buyer. . If the loan is obtained to purchase a residential 1-4 unit dwelling all or part of which is owner occupied and the loan is secured by that property, the lender may not obtain a deficiency judgment against the defaulting borrower. This loan is entitled to "purchase money" protection. Note, however, that should the buyer refinance the home, the new loan is no longer "purchase money." Thus, the buyer would lose the protection against a deficiency judgment in the event of a default

Q 6. Why would a lender agree to accept a Bethel short sale?


A lender will typically evaluate the financial situation of the borrower as well as current market conditions to determine whether or not to agree to a short sale. It is really a business decision for the lender to determine whether it would receive more money by accepting the Bethel Short Sale, or completing a foreclosure, reselling the property, and pursuing personal liability (i.e., deficiency judgment against the borrower and/or claims against guarantors, for loans on which those remedies are available.) Lenders may have ample incentive to negotiate a Bethel short sale with a distressed borrower. For example, should the lender take back a property pursuant to a foreclosure sale, the lender would become responsible for a variety of costs, including property maintenance, utilities, HOA fees, and might risk destruction of the property by vandalism. Furthermore, lender-owned properties (REO) may take a long time to sell, in part because so many REO properties are now for sale.

II. Effect On Borrowers of Bethel Short Sales

Q 7. Does a Bethel Short Sale adversely affect a defaulting borrower's credit rating?

Answer: Yes, but the amount and length of damage is significantly less then a foreclosure. Lenders will report the Bethel short sale as being settled for less than the full balance. This would show up on the borrower's credit report as a negative mark for up to seven years. It is not reported and recorded the same as a Bethel Foreclosure which allows the Bethel seller other options to remove the short sale from their credit report.

Q 8. Suppose the borrower is late with his/her mortgage payments, causing the lender to begin the foreclosure process by filing a notice of default. Before the Bethel foreclosure sale occurs, the borrower pays the lender what is owed on the note. Could these activities appear on the borrower's credit report?


Yes, it is possible for the lender to report any late payments. The lender could also report foreclosure proceedings started, etc. Yes. The lender can report to a credit bureau receipt of any payments made 30, 60, 90 or more days after their due date. This may appear on a borrower's credit report as a "foreclosure in process," "foreclosure proceedings," "current was 30," or in some other way. Any such terms, or other similar reporting comments, harm that individual's overall credit rating.

Q 9. Is the method by which lenders report a Bethel Short Sale a negotiable item?


Yes, but it varies by negotiator used and lender. The Bethel short sale is usually reported to credit reporting agencies as settled for less than the full balance. However, a borrower may try to negotiate this at the time the Bethel short sale is being arranged.

Q 10. Must a real estate property disclosure statement be given to a buyer in a Bethel short sale transaction?

Answer: Yes, all Bethel residential short sales require the owner to disclose any issues that are know. A seller can still sell the home "as-is" but needs to disclose all know isssues.

Q 11. Must other disclosures be given to a buyer (or seller) pursuant to a Bethel short sale?

Answer: Yes, your real estate agent should give you a list of disclosures that are required for your property

Q 12. Suppose a distressed seller enters into a contract to sell his/her home to a buyer pursuant to a Bethel Short Sale. Should the listing agent inform the lender if and when other offers are made on the property?

Answer: Only one purchase agreement can be signed by a seller of real estate. The seller can sign other offers as backup offers but most negotiators believe that it is not in the sellers best interest to submit more then one offer to the lender.

Q 13. Should a Bethel listing agent working with a distressed seller attempt to negotiate a future listing agreement with the lender?

Answer: No, this would be a conflict of interest with the current seller. Listing agents working with distressed sellers owe them a fiduciary duty. Since in a Bethel short sale situation a lender could choose to foreclose on the seller, the lender's interests are potentially adverse to the seller's interests. Attempting to negotiate a future listing agreement with the lender raises the issues of "to whom is the agent's loyalty devoted" and "has the agent violated the fiduciary duty he/she owes the seller." The safer practice is to avoid putting oneself in such a position.

IV. Other Issues

Q 14. Are there any tax effects of a Bethel short sale?

Answer: Tax effects vary depending on your situation. It can range from nothing owned to the entire shorted amount counting as taxable income. Talk to your Bethel Agent and your Tax Accountant for your specific situation. Generally speaking, any relief of indebtedness is included in gross income. There are, however, some exceptions to this rule that may benefit a taxpayer involved in a Bethel short sale.

Q 15. What is the process for applying for a Bethel short sale?


You should try and find the most experienced Bethel Short Sale agent or Bethel Short Sale Negotiator you can find. Ask for a list of short sales that the agent or negotiator has negotiated successfully.

First, the borrower must find a buyer for the property.

Second, the borrower must prepare all the necessary documents. See question 16.

Third, the borrower must submit all documents to the lender.

Fourth, the lender will send out their own appraiser to make sure that the buyer's offer is at fair market value.

Fifth, the lender will make a determination on whether or not to agree to the short sale.

Q 16. What documentation will a lender typically require?


Written explanation (and proof) of the hardship the borrower is experiencing;

Copy of the purchase contract signed by both the buyer and seller (borrower);

Proof of the buyer's ability to purchase the property, i.e., a completed loan application, pre-approval by another lender, or evidence of cash on hand (bank statement);

Preliminary title report;

Estimated net/closing statement certified by an escrow officer acceptable to the lender;

Completed and signed IRS Form 4506, "Request for Copy of Tax Form;"

Completed and signed personal financial worksheet;

Previous two years tax returns;

Employment paycheck stubs for the past two months;

Profit and loss statement (if the borrower is self-employed);

Past three months' bank statements.

Q 17. Where can I obtain additional information?


You may consult the seller's lender directly about their policies and what is required to apply for a Bethel short sale of a property. The internal departments that handle Bethel short sales differ by lender. You may try asking for the problem loan department, loan workout department, loss mitigation department, or foreclosure department.

Lenders will typically require a distressed borrower to furnish a variety of documents, which could include the following:

It is always in the best interest of the borrower to keep the lender informed. If the borrower is in default of the loan and is contemplating a Bethel short sale, it would be best for the borrower to let the lender know before the foreclosure proceedings are well under way. The lender may or may not grant more time to the borrower to find a buyer. In general, the process goes as follows:

Probably. Although the lender is technically not a party to the real estate contract, lender approval is nearly always a contingency of the agreement. Therefore, REALTORS® should obtain the client's permission to keep the lender apprised of any relevant developments, including the presentation of other offers.

Yes. Bethel Short sales are treated just like any other sales transaction.

III. Disclosure Requirements in Bethel Short Sales

Yes, if the property being sold is a residential 1-4 unit dwelling and the transaction doesn't fall into one of the regular TDS exemption categories. No exemption exists for a Bethel short sale transaction in which the borrower sells the property to an outside buyer, using the sale proceeds to pay off the lender.

Deed in Lieu of Foreclosure: After the borrower is in default, the borrower voluntarily delivers title to the lender for consideration and the lender accepts the conveyance of the property in full satisfaction of the mortgage debt. Using this method, the lender saves the costs of foreclosure and the borrower avoids having a notice of default on his/her records.

Bethel Short Sale*: A Bethel short sale is a transaction in which a lender allows the real property securing the loan to be sold for less than the remaining mortgage amount due and accepts the proceeds as full payment of the loan. A lender may accept a Bethel short sale when the borrower is in severe financial straits and market conditions make a Bethel short sale the best choice to mitigate the lender's damages. Like a deed in lieu of foreclosure, this saves the lender the costs of foreclosure and the borrower avoids having a foreclosure on his or her credit report. Rules differ for multiple mortgages.

HAFA or Home Affordable Foreclosure Alternatives Program

Do You Qualify?



Use the tool below to determine your eligibility:

Section 1 HAFA Questionaire


Is the property your principle residence?


Have you missed payments or will you soon miss a payment?

Is your current unpaid balance less then $729,751?


Section 3 Borrower Information

Main Mortgage Borrower Name:

Home Phone Number:

Email Address:

Mortgage Property Address:

City                                          State, Zip Code


Please press only once.

HAFA Homes Affordable Foreclosure Alternative