Rules unveiled to speed housing short sales
(source: DenverPost.com)
“The Treasury Department unveiled sweeping rules this week to help financially troubled homeowners who need to sell but can’t get a price high enough to pay off their mortgages. Homeowners will even get $1,500 to help cover their moving costs.
The plan is designed to help homeowners who don’t have the income or debt levels to qualify for a loan modification under the Obama administration’s $75 billion Making Home Affordable program.
The plan establishes timelines, a standard process and documents, and cash incentives for participation.”