As Venice short sales continue to grow in popularity lenders and the government have repsonsed with numerous incentive programs. While completing a short sale is already a wonderful opportunity receiving relocation assistance or a tax break is a valuable bonus. At Toni Patillo and Associates we can help you determine if you qualify for any of these great programs.
Given the large number of distressed properties across the nation these federal programs have been a much needed helping hand. Many of the Venice short sales I have closed in the last year have qualified for programs like HAFA, HAMP, or the Mortgage Debt Relief Forgiveness Act. HAFA is a program that supplies a homeowner with up to three thousand dollars in relocation assistance for completing a short sale. This money can be used to cover moving expenses or even as a down payment on your next place to live. Venice short sales that have a mortgage owned by Fannie Mae or Freddie Mac may qualify if they meet other guidelines. The Mortgage Debt Relief Act is another program aiding those homeowners who short sale. This program allows a homeowner to waive the taxes owed on the forgiven debt from your short sale. The difference between the selling price of your home and the mortgage balance is considered to be income earned but this act of Congress allows you to avoid any taxes. Given the drastic decrease in home prices this program has saved thousands of dollars for many people through Venice short sales. If you are considering a short sale make sure your agent knows whether you qualify for any of these programs.
Many of the Venice short sales I have closed are for people who have lost their job or had a medical emergency. These programs allow them to get back on their feet faster and can be a huge help.