In effect as of April 5th, 2010!
As part of the Home Affordable Foreclosure Alternatives Program (HAFA), with a short sale you can get $3,000 cash back at closing to use towards your relocation expenses in addition to avoiding a foreclosure! Some lenders are offering up to $5,000 cash back for completing a short sale!
Loan modifications failures lead to foreclosure - hire us to save your credit
Mortgage Forgiveness Debt Relief Extended – Updated 04/13/10
On April 12, 2010, SB 401, the Conformity Act of 2010 was enacted. It allows taxpayers who had all or part of the loan balance on their principal residence forgiven by their lender to exclude the forgiven debt from California gross income. The new law applies to discharges of qualified principal residence indebtedness on or after January 1, 2009, and before January 1, 2013.
There are a number of government programs available to provide you with solutions. See which program below matches your situation best, and then click here to see if you are eligible.
HARP – Home Affordable Refinance Program. If you are caught up with your mortgage payments. The Home Affordable Refinance Program is available through June 2010 and allows home owners to refinance into low mortgage interest rates even if they’re property value has gone down.
HAMP – Home Affordable Modification Program. The Obama Administration’s Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable.
HAFA – Home Affordable Foreclosure Alternatives. If your mortgage is currently unaffordable or will be in the near future, a short sale is a much superior alternative to foreclosure.
2MP – Second Lien Modification Program. If your first mortgage has been modified under HAMP and you are still struggling with payments on your second loan, this may help.