Short Sale Rules
Friday, March 26, 2010 | Comments Off
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:
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The property is their principal residence
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You are delinquent on the mortgage or close to it
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The loan was made before Jan 1, 2009 and is less than $729,750
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Your total homeowner’s monthly mortgage payment exceeds 31% of before tax income
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The loan is not a Fanie May or Freddie Mac loan.
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You must try to qualify for HAMP foreclosure modification plan before pursuing the home affordable foreclosure alternatives (HAFA) short sale plan.