Sellers will soon be able to get $1500 if selling as a Short Sale

This week the Obama Administration has developed a new plan for home-sellers who owe more on their mortgage that the property can sell for (article here).   The new program is planned to take effect April 5th, and it allows a seller who completes a short sale to receive $1,500 in ‘relocation assistance’ as an incentive to get the deal done quickly and move on.   The government will also give cash incentives to banks and loan servicers to encourage them to work through the backlog of upside down properties currently on the market.   Short sales benefit sellers because they are less harmful to their credit score than a foreclosure. They also get the property on the market more quickly than the foreclosure process which means the home has less potential time to sit vacant and deteriorate.
If you’re thinking now is the time to sell your home, but may be worried that your mortgage may be higher than the home’s value, give one of our professional REALTORS® a call today to discuss the short sale option and how this new program could help protect your future credit rating by avoiding foreclosure and still getting some cash to help you with your move.