From an article in the Wall Street Journal, the presidential administration laid out their final guidelines for future short sales.
Under the plan, borrowers will receive $1,500 from the government if they sell their homes for less than the amount of the mortgages. Mortgage-servicing companies will also receive $1,000 for each completed short sale. The program is open to borrowers who may be eligible for the government’s loan-modification program, but don’t end up qualifying, or are delinquent on their modification, or request a short sale or deed-in-lieu transaction.
The short-sale program is the latest addition to the President’s $75 billion foreclosure-prevention plan. Maybe some of these measures will help the people who need the help on their mortgages, along with giving the housing market a shot in the arm.
If you are beginning to look into the short sale process as a seller or buyer, please contact on of our agents for more information.