Tagged : pak city

Short Sales Guidelines Announced by FED

Wednesday, December 2nd, 2009 at 12:23pm. 209 Views, 0 Comments.

The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.  Park City should benefit from these rules. 

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.

Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the…