Special offer

New Short Sale Rules

Real Estate Agent with Carrington Real Estate Services 225-179078

Short Sales are Looking Better

New guidelines for new short-sale rules

The new short-sale rules

What sellers can expect from participating lenders starting in April:

The new short-sale rules

Sellers must be unqualified for a loan modification under the Home Affordable Mortgage Program or be unable to afford the modification.

The bank will set an acceptable value of the home upfront, based on an appraisal or broker's price opinion.

Lenders must approve or deny a purchase offer within 10 days of it being submitted.

Once the bank approves a home for short sale, sellers may stop paying all related mortgage payments, and unpaid mortgage debt will be forgiven.

These mortgage payments will not be shown as late on credit reports.

At closing, sellers are entitled to as much as $1,500 from the government to cover relocation expenses.

Have a home you want to sell call my direct line 703-943-7844 to get more details of these new guidelines that become effective 4/5/2010

Freddy Solis
Realestate.com Realtors®
Capital Region
e-mail: homes@freddysol­is.com
Cell: 703-943-7844
David Saks
Memphis, TN
Broker / Industry Analyst

Interesting new information. Thanks for sharing it. Looks like debt forgiveness is the key.

Apr 01, 2010 08:30 PM