Yesterday, The Treasury department in conjuction with the Obama Administration laid out final guidelines aimed to streamline the short sale process, I have summarized some of the changes below:

• Borrowers (the homeowner) will receive $1,500 from the government for selling their homes for less than the loan amount
• Second lien holders will be eligible to receive up to $3,000 of the sales proceeds in excange for a full release of the lien.
• Borrowers who complete a short sale must be “fully released” from any future liability of the debt.

You can read a summary of the article published in the Wall Street Journal here.

It appears that this could be Really good news for homeowners, however these details have just been released and I am sure that more details will follow.  These guidelines are supposed to streamline the “short sale” process, however I have a feeling that it may make the process more difficult.  More shall be revealed in the next couple of months.

Upside down in your mortgage in maryland? Behind on payments contact us today for a free short sale evaluation.