Mortgage Law
Treasury Unveils Rules to Quicken Homeowners’ Short Sales
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.
“There’s always efficiency with uniformity,” said Vicki Vidal, associate vice president of government affairs at the Mortgage Bankers Association. “It makes it easier for the parties involved to know what to expect.”
Short sales, as these deals are known, reduce the damage to the borrowers’ credit record and save the lenders the cost of foreclosure.
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