October 20, 2020

“SHORT SALES”

The short sale of a home can be done faster under new Treasury Department rules.  People whose principal residence is worth less than the mortgage on it may be eligible if:
1.  they are delinquent on payments or default seems likely
2.  the loan was made before Janaury 1, 2009
3.  the loan is for less than $729,750
4.  their monthly mortgage payment is more than 31% of their gross income.

Caution:  Mortgage companies do not have to start using these criteria until April 5thWhat to do:  Talk to the bank holding your mortgage to find out whether you qualify under the new rules.

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