Senor Short Sale Says "Short Sales are the NEW Forclosure"!
Last April 5th a new federal program started that could help those who want to avoid the repercussions of the drastic step of foreclosue. Lenders who are part of the Home Affordable Modification Program have to give borrowers the option of a short sale, which includes the mimimum amount an acceptable offer is needed, if they don't qualify for a mortgage modification.
After a homeowner list his home as a short sale, the lender has to respond to the offer in 10 days. This program offers $1,500 to help the homeowners move, $1000 to cover the paperwork cost to loan servicers and up to $3000 to secondary lenders in incentives in hopes they won't reject an offer.
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