Patty McMillen » 2010 » March » 26 http://pattymcmillen.com Realty World Selzer Realty Thu, 17 May 2012 17:56:27 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Short Sale Rules http://pattymcmillen.com/2010/03/26/short-sale-rules/ http://pattymcmillen.com/2010/03/26/short-sale-rules/#comments Fri, 26 Mar 2010 22:58:40 +0000 Patty McMillen http://pattymcmillen.blogs.rwnetwork.com/?p=176 New short sale rules from the Treasury Department take effect in April 2010, people may be able to qualify if they meet the following conditions:

  • The property is their principal residence
  • You are delinquent on the mortgage or close to it
  • The loan was made before Jan 1, 2009 and is less than $729,750
  • Your total homeowner’s monthly mortgage payment exceeds 31% of before tax income
  • The loan is not a Fanie May or Freddie Mac loan.
  • You must try to qualify for HAMP foreclosure modification plan before pursuing the home affordable foreclosure alternatives (HAFA) short sale plan.
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