What You Should Know Before You Opt to Short Sale Your Property

Homeowners in the Palm Springs area who are opting for short sale is on the increase compared to foreclosed properties by about 1.5 to 1, and might not be aware of the different Federal and California programs that are available to help them , especially if they are going through a hardship.

This is a short video from the Making Homes Affordable that the government put out and to my surprise only 57000 people watched it.




Options available to you :

1- Loan Modification at Making Home Affordable , if this will not work for you , there is;

2- The Home Affordable Foreclosure Alternatives HAFA

3- Recently FHA launched a new program SHORT REFI OPPORTUNITY FOR UNDERWATER HOMEOWNERS .

And in California a new program Keep Your Home will start on November 1, 2010 and has different options.

If you if are in a situation where you have opt for a Short Sale on your property , then make sure you check with your Attorney and your Tax Accountant first , so that you do not get hit down the road with a Deficiency 1099 or Income Tax as a result of the Short Sale.

Always be wary of SCAMS they lurk everywhere and at all levels. Check the Loan Scams Alert to learn how to spot a scam.

To find out what your home is competing with in your city or neighborhood, visit my website where you can compare your home with listings in the Desert MLS .

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