We all know that the housing market is far different than it was back in 2006.?? In 2006, most of the people out there wouldn???t have even heard of the term short-sale.?? Short-sale??? What???s that??? Here we are at the end of 2009, and it seems just about all the homes on the market are either short-sales or foreclosed properties.?? Many distressed homeowners have taken the short-sale route because their credit scores aren???t as negatively impacted.?? In fact, homeowners who opt to sell-short could, perhaps, look to buy a home again in as little as a few years, rather than those who let the home go to foreclosure or file for bankruptcy.?? The latter have to potentially wait much longer.?? That is, assuming, they???d even want to give homeownership another try.?? Well, now here???s another reason.?? It???s called $1,500.00 closing cost assistance.?? The U.S. Treasury is expected to announce that it will pay $1,500.00 closing cost incentive for those who agree to a short-sale or ???deed in-lieu??? transactions (where the deed is transferred directly to the lender), which is much less expensive alternative than actual foreclosure proceedings.?? The Treasury will even pay the lender $1,000.00 for accepting a short-sale or a deed in-lieu transaction.?? What???s more, the Treasure will pay the second lien holder, if any, up to $1,000.00 to just walk away.
These offerings are all part of the Making Home Affordable???s expansion of the Home Affordable Modification Program (HAMP).?? To learn more, please visit:?? http://www.makinghomeaffordable.gov.
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