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Government unveils rules to speed up Short Sales
The enclosed articule posted on Yahoo Finance is great information regarding the new Government rules that will help speed along the process for distressed sales and  financially troubled homeowners who need to sell.
The Treasury Department unveiled sweeping rules this week to help financially troubled homeowners who need to sell but can't get a price high enough to pay off their mortgages. Homeowners will even get $1,500 to help cover their moving costs.
The plan is designed to help homeowners who don't have the income or debt levels to qualify for a loan modification under the Obama administration's $75 billion Making Home Affordable program. The plan establishes timelines, a standard process and documents, and cash incentives for participation.
"There's always efficiency with uniformity," said Vicki Vidal, associate vice president of government affairs at the Mortgage Bankers Association. "It makes it easier for the parties involved to know what to expect."
Short sales, as these deals are known, reduce the damage to the borrowers' credit record and save the lenders the cost of foreclosure. Short sales also help neighboring property values because the sales price is usually higher than what the house would fetch in a foreclosure auction.
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