incentive for short sales: NEW SHORT SALE RULES...WHAT DO YOU THINK? - 03/17/10 12:56 AM
The new rules that take affect for short sales starting April 5, 2010:1) Seller must be unqualified for a loan modification under the homeaffordable mortgage program or be unable to afford the modification.2) The Bank will set an acceptable value of the home upfront, based onan appraisal or broker's price opinion.3) Lenders must approve or deny a purchase offer with in 10 days of itbeing submitted.4) Once the bank approves a home for short sale, sellers may stop payingall related mortgage payments, and upaid mortgage debt will be forgiven.5) These mortgage payments will not be shown as late on a credit … (3 comments)

incentive for short sales: INCENTIVES FOR SHORT SALES - 05/27/09 01:25 AM
On May 14, the Treasury Department announced a plan to "provide incentives for servicers and borrowers to pursue short sales" in cases where the borrower is generally eligible for a modification under the federal government's Making Home Affordable plan, but either can't qualify or gets the modification but then can't keep up the payments for their home The Treasury is considerings paying a servicer $1,000 for completing a successful short sale, it will pay the borrower $1,500 to assist with relocation expenses, and it will pay second-lien holders who release their claims up to $1,000. … (0 comments)

 

Ursula Gray

Raleigh, NC

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Raleigh, NC was named the #2 Housing Market to rebound on The Today Show.


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