Resources: Government Information
Do you need help with making your home affordable again? Below are some government resources with additional information on the Home Affordable Modification Program as well as the short sale process.
Home Affordable Modification Program
The Federal Government recently introduced the Home Affordable Modification Program to help Americans who are in the process of making home affordable again. This program was introduced on March 4, 2009 and provides incentives to mortgage lenders to complete more loan modifications for their customers.
The eModifyMyLoan product uses your gross monthly income information and debts to calculate the mortgage payment that you could qualify for if eligible based on the requirements of the government’s program.
For More information on the Home Affordable Modification Program, please visit www.makinghomeaffordable.gov.
Short Sales & Liability
It is possible that a Short Sale can result in a deficiency judgment. A deficiency judgment is a liability for the amount the lender was shorted in their payoff when the home was sold. Laws vary by state, so we encourage you to discuss this possibility with a real estate attorney in your area before pursuing a short sale. If you would like us to refer an attorney to you, please send us an e-mail.
We also recommend you speak to your tax advisor regarding any potential tax liability that may be created by doing a short sale. You can find more information by clicking the following link to the Internal Revenue Service Web site.
