short sales guidelines: Government Announces Short Sales Guidelines
- 12/02/09 09:52 AM
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. … (1 comments)
Government Announces Short Sales Guidelines
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