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Obama Administration Expands Mortgage-Aid Plan-Short Sale Opportunities!
SHORT SALE OPPORTUNITIES FOR THE PROFESSIONAL REALTOR!!!! (CDPE)
Amid rising U.S. foreclosure filings, U.S. government officials Thursday announced plans to broaden their efforts to help troubled homeowners and further ease the housing crisis. Officials announced two new programs: one aimed at giving mortgage servicers incentives to relocate troubled homeowners to a home they can afford, and another that will provide lenders incentives to modify loans in areas where home price declines have been severe.
Under the new program administration officials unveiled Thursday to help provide foreclosure alternatives, Treasury plans to encourage servicers to consider a short sale or deed-in-lieu if a borrowers doesn't meet the eligibility requirements under the government's plan to encourage.
In a short-sale, a servicer would allow the borrower to sell the property at its current value. With a deed-in-lieu, the borrower would be able to voluntarily transfer ownership of the property to the servicer. Treasury said mortgage servicers have generally opted to pursue foreclosures instead of these two complex transactions even in cases where a short sale or deed-in-lieu would be a better outcome for borrowers, investors and communities.
As part of the new efforts to protect against falling home prices, the government will make payments of ... more

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