The Obama administration laid out final guidelines that should make it
easier for some financially troubled borrowers to sell their homes. The
guidelines are designed to encourage the use of short sales.
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 Obama
administration's foreclosure-prevention plan, which includes
incentives for mortgage companies and investors to rework troubled
loans. The government first said in May that it would include short sales in
the program, but it has taken months to finalize the details.
Confused about short sales or deed-in-lieu? If you need more information regarding a short sale or a deed-in-lieu, please call for a free consultation (714) 281-1146.
Over 20 years experience helping homeowners avoid foreclosure.
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