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U.S. Treasury set to finalize home “short sales” plan
October 13, 2009 by Keith French · Leave a Comment
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 “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
