While the decision to complete a short sale is tough there are many incentives in place currently to help. Make sure your Venice Short Sale Agent is up to date and informed on all of the ways to benefit from the short sale process. These programs include HAFA, HAMP, and the Mortgage Debt Relief Forgiveness Act and offer those in need a little helping hand.
While not all homeowners will qualify for these programs your Venice Short Sale Agent should have a good understanding of what it takes to qualify. Some of these programs, like HAFA, will offer a distressed homeowner relocation assistance of up to three thousand dollars for a short sale. This money can be spent to help with moving expenses or even for a down payment on a new place to live. The Mortgage Debt Relief Forgivness Act was just extended for another year and can save homeowners a lot of money. When completing a short sale the difference between the selling price of your home and the debt forgiven is considered taxable income. For many homes that are severally underwater this can result in thousands of dollars in taxable revenue added on to your tax bill. As a Venice Short Sale Agent I remind you that these programs will not last forever and it is always better to act fast. On average a short sale will take four to six months to complete. As your Venice Short Sale Agent we will make sure there is enough time to get your approval letter before these programs run out. When choosing a Venice Short Sale Agent make sure to ask if they know the qualifications for these programs.
While a short sale can be a big help these programs offer a little extra incentive for those in need. The path to recovery starts with finding the right Venice Short Sale Agent and ends with a short sale approval and hopefully an incentive at the closing table.