The government has implemented a new short sale program that will help homeowners gracefully exit their home by giving them incentives to sell. Incentives include no future liability of the first mortgage which means no cash contribution or promissory note. There is also a $1,500 which goes to the borrower for relocation costs. To qualify for this program your must answer yes to the following five questions.
1. Is your home your primary residence?
2. Is the amount on your first loan equal to or lower than $729,750?
3. Do you have a financial hardship that is making it difficult to make your payments?
4. Was your first mortgage made prior to January 1st, 2009?
5. Is your monthly payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, etc) more than 31% of your current gross income?
If you find yourself in this situation, and the bank has not worked with you on a loan modification, call us today at no obligation to discuss your options. You will never pay us a dime as the bank will pay our commission.
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