It appears as though there is help on the way for those needing to sell their home on a "short sale". The Treasury Department has made new rules to help homeowners avoid foreclosure, and streamline the short sale home selling proces.
A "short Sale" is when a homeowner needs to sell but can't get a high enough price to net enough to pay off their home loan, and they don't have cash to add to the sales price to pay off the loan at closing.
The new plan has timelines and a standard process and documents, as well as cash incentives for sellers(!). Apparently they are offering $1,500 to help cover the sellers moving costs.
Tego has handled several short sales for our home sellers... and been quite successful at it. With the new rules, we expect the short sale process to become much better and faster.
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