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The Obama administration has announced a new short-sale program aimed at alleviating some of the roadblocks that now impede the process, which will hopefully inject some life into the nation's ailing real estate market. According to a New York Times article, the program -- that will take effect on April 5 -- will help some of the five million households who are currently behind on their mortgages by compelling lenders to accept a short-sale arrangement in lieu of foreclosure. A short-sale can occur when a lender agrees to take less for a property than the amount owed on the mortgage, thereby avoiding foreclosure.The program will not help everyone; … (6 comments)
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