Guidelines Aim to Ease Short Sales

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.