Contact Us

Visit our website at OR contact our Massachusetts office at 508-499-3366 or our Rhode Island office at 401-250-5520.

Saturday, March 13, 2010

Guidelines for new short-sale rules

Guidelines for new short-sale rules 

Saturday, March 13, 2010; E02
The new short-sale rules
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.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.