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Treasury hopes new rules send short sales to the rescue of underwater mortgages
In a short sale, a homeowner sells the property for its current market value, which is less than what’s owed on the mortgage, and the lender agrees to accept the lower amount. The new rules that offer participating lenders cash incentives to get them to approve more short-sale deals also allow them only 10 days to approve or reject short-sale purchase offers, said Treasury spokeswoman Meg Reilly.
Also posted in bank foreclosures, buyers, Consumer News, Economic Stimulus, FHA, Finances, Financing Options, first time home buyers, First Time Home Buyers Tax Credit, First-time Homebuyer, First-time homebuyers, Foreclosure, Foreclosure task force, government bailout, home values, housing market, Local Real Estate News, Maryland, real estate, real estate information, real estate news, Real Estate Report, Realtor, sellers, Short Sale, the Future of Real Estate | Tagged Bowie Real Estate, buyer, buyers, buyers market, First Time Buyers, Foreclosures, home sales, home seller, Maryland, Maryland homeowner, Maryland Real Estate Market, mortgage, real estate market | Comments closed
