Are You Considering a Naperville Short Sale? Would you like to walk away with a little money in your pocket?
The Government has announced a New Program to Facilitate Short Sales and avoid Foreclosures. It benefits the homeowner as well as the lien holders. Hopefully this will accelerate the process, because short sales are notorious for taking weeks and/or months to close when a buyer is found. Do you qualify as a homeowner for $1500 from the government? Read the guidelines below:
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.
IF YOU ARE CONSIDERING A SHORT SALE TO AVOID FORECLOSURE, Contact me: Diann Carey 815-761-7918 or diann.carey@bairdwarner.com to take advantage of this program.