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New Guide lines for short  sales

Government Announces Short Sales Guidelines
The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.

To qualify under these new guidelines:

• The property must be the home owner’s principal residence.
• The home owner must be delinquent on the mortgage or close to defaulting.
• The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
• The borrowers’ total monthly mortgage payment must exceed 31 percent of their before-tax income.

Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.

Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.

Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal, Ruth Simon (11/01/2009)

If you are looking to speak with someone in regards to this give me a call and I would be more then happy to help you if you are facing a foreclosure.

Times are tough right now and sometimes you just need someone to help you though this. I Would be more then happy to talk with you in regards to what you can do or where do you go from here.

You can email me at DebbyTrealtor-milwaukee@yahoo.com

or give me a call at 414-403-0657

I have helped homeowners with short sales or ones facing foreclosure.  It is best to deal with your problem as soon as possible that way we can determine what will be best for you. I have worked with many of the different lenders and know what they are looking for and what you will need to get help.

If you would like to get an idea on what your home might be worth fill out the information below and I will send you a personal report just for you so you can see what real estate is doing in your area.