Northern Illinois Real Estate Barrington/Deer Park area – Positive changes for Short Sales

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Short Sale Condo for Sale in Palatine Illinois on Johnson Street

The U.S. Treasury announced changes last week.   They will use money already announced for mortgage loan modifications for Mortgage Lenders to cut loan payments as loan modifications and to approve short salesto help get struggling  homeowners from unaffordable mortgages.  

The short sale program includes where lenders can receive $1000 for allowing the homeowner to do a short sale (selling the home for less than what is owed on the mortgage and accepting the closing proceeds as full payment). For accepting a Deed in Lieu of foreclosure they can receive the same.

Struggling Borrowers/Homeowners that agree to short sale or deed in lieu can receive up to $1500 for closing costs.   The Treasury will also pay a second lien holder for relinquishing their claims in either the short sale or deed in lieu up to $1000.

 This is good news… mortgage lenders now have more incentives to move forward on short sales and deed in lieu instead of foreclosing on homes.   Another step in the right direction.

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Posted By:   Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty

Northern Illinois Real Estate AgentBarrington – Deer Park Real Estate Expert and surrounding areas


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