NEWS FOR HOMEOWNERS CONSIDERING A SHORT SALE!! On December 2, 2009, the Government announced a new program of financial assistance to assist homeowners facing foreclosure. This program will also offer incentives to lenders to accept short sales and avoid the foreclosure process. Read the article below:
Daily Real Estate News | December 2, 2009 |  Share
Government Announces Short Sales Guidelines
The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.
To qualify under these new guidelines:
- The property must be the home owner’s principal residence.
- The home owner must be delinquent on the mortgage or close to defaulting.
- The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
- The borrowers’ total monthly mortgage payment must exceed 31 percent of their before-tax income.
Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.
Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.
Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal, Ruth Simon (11/01/2009)
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If you are a home owner facing foreclosure, we may be able to help you through a Short Sale.
The lending institution is changing requirements, procedures and qualifications almost daily. We know how to deal with these changes correctly, making offers more effective.
If you are a Seller:
Compared to the rest of the country, Illinois has a limited number of REO's "Lender Owned" homes. Knowing what homes to make offers on requires experience and expertise. Conversely, knowing how to properly speak to a financial institution about your current situation can make the difference between getting a deal done quickly and avoiding a major impact to your credit report.
We have Buyers!
Our Buyers are qualified and ready to buy today. Buying a short sale isn't easy and if you don't know what you are doing you can get yourself and your money, and your credit tied up for years. We can help you avoid that problem.
We are REO (real estate owned, bank owned) Listing Agents as well as Specialized Buyers Agents giving you a true advantage in today’s Market.
Whether you’re an investor, first time home buyer or ready for a change, let us do the shopping for you, saving you time and frustration.
If you have any questions or concerns please contact us anytime or write to us below.
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Diann,
Please contact me today to discuss all my available options regarding my home.
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