New Guidelines for Short Sales

The US Treasury Dept. has recently released new guidlelines intended to make short sales go more smoothly. Short Sales are widely becoming known as very difficult and frustrating transactions. I hope that these new guidelines help!

The new rules help dictate who can qualify for a Short Sale. It must be your primary residence, you must be delinquent on your mortgage or close to defaulting, the loan has to have been made before January 1, 2009 and for less than $729,750, and your mortgage payment must be more than 31% of your pre-tax income.

If you do qualify, the government is willing to reward you for going through the process instead of just walking away from your home– to the tune of $1500. Mortgage servicing companies will get $1000 for completing a short sale, and second lien holders will receive up to $3000 for releasing the liens.

More info here, from Realtor Magazine.

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