The Government just released this NEW program to assist in the real estate market recovery.
IF you are current on your mortgage & other installment debts and have been for the last 12 months and you can no longer afford your home, the Government will allow you to SHORT SALE your home & BUY ANOTHER HOME WITH GOVT. FINANCING IMMEDIATELY...
There are a few requirements to be eligible for this new program
1. The home you are going to Short Sale IS your Primary Home.
2. Your new Purchase has to be a reasonable commuting distance away
3. If you are in default, you will not be eligible for a new FHA insured mortgage for 3 years from the
date of the sale.
Again, This is brand new and some lenders do not even know about this. The lenders that do are still waiting for the specific underwriting details as well...
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