New Short Sale Rules Starting April 5th 2012 - Obama Plan! Quick Overview

March 28th, 2010 8:41 PM

What sellers can expect from participating lenders starting in April:

-- 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.

"Who do you know that I could help?"

If you are a homeowner who feels they might qualify for a short sale please give me a call as I’d be happy to assist you in your efforts to understand your options and in determining which option is the best for you! All consultations and conversations are COMPLETELY CONFIDENTIAL and ABSOLUTELY FREE.

425-471-6039 or email: davidahaley@hotmail.com

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