Beginning April 5, the Obama administration will encourage delinquent borrowers to avoid foreclosure and instead give up their homes in short sales by streamlining the process.
The program will offer cash payment to the homeowner, as well as to the servicer and second-lien holder; and protect borrowers from future lender lawsuits for the unpaid mortgage balance.
To curtail fraud, lenders will have to consult real estate practitioners to assess home value and minimum acceptable offer; they then must accept any offer that is equal to or higher than that.
Source: The New York Times, David Streitfeld (03/08/10)
Homeowners facing foreclosure have alternatives:
If you are in a position where foreclosure is inevitable, do not wait until it’s too late. Call me at 603-821-8268 for a free consultation to find out if a short sale is right for you or visit: SNHhomeSales.com to review the top 10 steps you must know and follow to give yourself every possible advantage before making the short sale decision.
For more information regarding short sales, click on the “Short Sales” page above the banner at the top of this blog site
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