The Obama administration released the final guidelines on Monday that will make short sale easier. This program is for those home owners who are eligible for the Home Affordable Modification Program (HAMP). So, if these home owners do not qualify for loan modification program then they have a choice to sell their house.
In this program, lender approves to sell the home for less than the homeowner owes on the loan. Short sale is better than foreclosure for everybody – the homeowner, lender and also to the local neighborhood to maintain their house values.
Under this program, if the borrower does a short sale then:
- Borrower can receive up to $1,500 from the government
- Investor of first mortgage holder can receive up to $1,000
- Second mortgage holders can receive up to $3,000 from the sale to release their liens
- Lenders must “Fully released” from any future obligation, so no more deficiency judgment fear for borrower!
The bottom line is everybody is in win-win situation under this program and the most important thing is homeowners can avoid foreclosure from their credit. So, if you are facing difficulty in paying mortgage then don’t wait, contact your lender immediately to see if you qualify for this program.
You can always contact me with any questions at 510-366-9405, I would be happy to assist you. Your East Bay Short Sale Specialist.
Similar Posts:
- New Foreclosure Alternative Program for Homeowners – (HAFA)
- How Obama’s Plan Will Help Short Sale Homeowner?
- Is Your Loan Modification Company Still Exists?
- Home Affordable Unemployment Program
- Fannie Mae New HAFA Short Sale Program
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