U.S. Treasury set to finalize home “short sales” plan
We found this article written by Reuters, last Friday Oct. 2nd, 2009 on Yahoo.com
NEW YORK (Reuters) – The U.S. Treasury will soon finalize a plan to expand its incentives for mortgage companies to include “” as a way to stem a rising tide of foreclosures, according to a Treasury spokeswoman.
“Short sales,” or sales of homes for less than the balance on existing mortgages, are seen as a key way to supplement other efforts such as loan modifications to steady housing. Unlike most modifications, “short sales” eliminate the problem of CLICK HERE TO READ THE FULL ARTICLEthat has become a big reason for defaults as home prices have plunged…