The Treasury Department has issued long-awaited guidance to streamline short sales.
Under “The Home Affordable Foreclosure Alternatives Program” (HAFA) the Treasury will be issuing checks to homeowners for $1500 and $1000 to lenders when they execute a short sale agreement. Second lien holders will get up to $3000 to release their interest in a property. The lender must forgive the unpaid balance on the loan.
Under the new guidelines, lenders have only 10 days to approve or disapprove the transaction.
Check out this link for details:
https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf
Tags: Cody Derrick, real estate utah, short sales becoming easier, streamline distressed sales
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The House of Representatives has approved legislation that would extend and expand the credit. The House vote comes after the Senate voted yes on Monday night, and while there is more work to be done, word has it that an agreed upon bill should reach President Obama for his signature by the end of this week.
Government Money to Boost Home Sales
Under the proposal, individuals with income up to $125,000 a year and couples earning up to $225,000 would be eligible for the credit. The extension would cover homes under contract by April 30th and closed by June 30th, 2010. And as I had also predicted, the tax credit will be expanded to non-first time homebuyers as well. There are a few tweaks for non-first time homebuyers - the credit is reduced from $8000 to $6500, and they must have owned a home for at least five of the past eight years. Remember - this is NOT final, and even if it is approved, it could contain further changes.
Tags: $6500 tax credit, $8000 tax credit, 1st time home buyer, Cody Derrick, house approves
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