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Archive for the ‘Short Sales’ Category

US Treasury encourages Short SalesUnder the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.

Borrowers who complete a short sale under the program must be “fully released” from future liability for the debt, according to the guidelines.  The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements.

Click Here to read more on the article from Realtor.org

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