U.S. Treasury set to finalize home “short sales” plan

October 13, 2009 by · Leave a Comment 

We found this article written by Reuters, last Friday Oct. 2nd, 2009 on

Short Sale ViceNEW YORK (Reuters) – The U.S. Treasury will soon finalize a plan to expand its incentives for mortgage companies to include “short sales” 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 negative equity that has become a big reason for defaults as home prices have plunged…CLICK HERE TO READ THE FULL ARTICLE

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