The Obama Administration set guidelines for financially troubled borrowers to sell their homes last week. The government created these guidelines to encourage the use of short sales.
To put it simply using a definition from the Wall Street Journal, a short sale is a transactions in which the borrower with lender approval sells the home for less than what is owed on the loan. Short Sales are often less damaging to a neighborhood’s property values than a foreclosure would be. The program makes it easier for borrowers to voluntarily transfer ownership of properties through a “deed in lieu” of foreclosure.
This plan will award borrowers $1500 from the government if they sell their home for less than they owe on it. This is the newest addition to Obama’s $75 billion foreclosure prevention plan.
Call 252-261-3800 or email email@example.com to speak with a short sales specialist.