As the federal government releases new rules regarding shorts sales some real estate agents are asking if they will really help Apple Valley homeowners.

The U.S Treasury Department released new rules the end of November geared at helping troubled homeowners who cannot sell their home for a high enough price to pay off their real estate loan.  The rules are not effective until April 2010 leaving many homeowners at the mercy of time they don’t have.  The new rules are also voluntary for second mortgage holders putting approximately 50% of homeowners, in default, into basically an unknown situation regarding their ability to complete a short sale.

With more and more home sellers in Apple Valley turning to short sales they need to choose a real estate agent that fully understands and has extensive experience in the real estate short sale process.  For more information see: real estate short sales

One of the new rules effecting homeowners who are upside down in their real estate loan is eligibility to receive $1,500 to help towards their moving expenses.

The new rules require the following to qualify:

1.      The property must be the homeowner's principal residence.

2.      The homeowner is delinquent on the mortgage or default looks likely.

3.      The loan was made before Jan. 1 this year and is less than $729,750

4.      The borrowers' total monthly mortgage payment exceeds 31 percent of their before-tax income. 

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