Government Announces Short Sales Guidelines

Chances are, you or someone you know in Tempe, Scottsdale or Phoenix is facing the possibility of foreclosure. But you need to understand that you are not alone.

Today, 1 out of every 10 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it’s important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.

Through my experience handling distressed properties, I’ve found that homeowners today have more questions than answers about their circumstances. I have created this site to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners.

For more information and expert advice visit:

www.myazshortsaleexpert.com

Also, the Government Announced new Short Sale 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.

Click here to get the full story: http://www.realtor.org/RMODaily.nsf/pages/News2009120201?OpenDocument

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