National Association of REALTORS worked on behalf of reforming the short sale. Consumer Financial Protection Bureau, Fannie Mae, Freddie Mac have issued guidelines to facilitate Short Sales for homeowners who are at risk of foreclosure.
Fannie Mae and Freddie Mac are Government Sponsored Enterprises (GSEs) - privately held corporations created by the U.S. Congress to help reduce the cost of borrowing for homeowners; the two corporations own or guarantee more than three-quarters of U.S. home mortgages.
In a Short Sale, a mortgage servicer agrees to the sale of a home for less than the borrowers owe on the mortgage. It's considered a better option than foreclosure because the effect on the homeowner's credit may be less, and lenders realize a smaller loss than in a foreclosure.
The newly issued guidelines are similar to, Short Sale guidelines issued by the Treasury Department. They include time limits for lenders to approve Short Sales, incentives for completing a Short Sale
Many that have found a gap between the loan and property values. Many home owners find they can't move and become stuck in a situation due to hardships outside their control. This can help people move on with their lives.
In the past owners faced tax consequences when selling short of what they owed on their loan. Now owners selling property short can receive up to $2,000,000 IRS qualified debt forgiveness.
Contact 1-800-251-0746 to start the process.
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Short Sale home owner & tenants get relocation incentives.
The mortgage forgiveness not counted as "phantom income".
No real estate commission due from home owner.