New guidelines for new short-sale rulesThe 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 SolisRealestate.com Realtors®
Capital Region
e-mail: homes@freddysolis.com
Cell: 703-943-7844
www.FreddySolis.com
