The US Department of Treasury, under the Making Home Afforable program has outlined a standardized process for short sales and will incentivize both the loan servicer and the borrower. This really takes the short sale program from the dark alleys to the front window.
Foreclosure Alternatives for Borrowers Eligilbe for MHA outlines the process and includes "borrower incentives to cover relocation expenses to homes that are affordable" as well as " incentives for servicers to pursue alternatives to foreclosures".
The long term tax issues were wiped out last year and these new developments make much more sense than foreclosure, and can eliminate "strategic foreclosure" in many instances saving taxpayers and homeowners millions by selling these homes as opposed to them sitting vacant.
Borrowers also benefit by not having a foreclosure on their credit history and avoid totally nuking their credit score.
Give us a call 888.767.3380 or email info@changingstreets.com if you are interested in avoiding foreclosure.
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