Mortgage Relief Bill, can someone selling their home benefit from this?

Question

I am hoping to buy a home that is a "short sale". Everything so far is okay, now that this mortgage relief bill has been approved, can the homeowners pull out from selling me their home?

Is the relief bill going to benefit them?

I'm worried that they can use this relief bill and pull their house out from escrow? Is this possible ??

Answer 1

If you are in contract, you should be fine. The bill does not go into effect until October. If the lender has approved the sale and is on their way to getting some of their money, they won't let the seller out so that they can not pay until October so they "might" get some help!

Good luck!

Answer 2

If you have a signed contract with the owner and / or the Bank, you should be ok. They may try to get out of it if you come up with any changes to the contract, so be careful to not ask for anything "new". In Maryland, if you have an addendum that changes the terms of the contract, it becomes a new contract. .. at that point either party may pull out. But if it is all sign and just waiting for settlment you are probably ok.