The new rules that take affect for short sales starting April 5, 2010:
1) Seller must be unqualified for a loan modification under the home
affordable mortgage program or be unable to afford the modification.
2) The Bank will set an acceptable value of the home upfront, based on
an appraisal or broker's price opinion.
3) Lenders must approve or deny a purchase offer with in 10 days of it
4) Once the bank approves a home for short sale, sellers may stop paying
all related mortgage payments, and upaid mortgage debt will be forgiven.
5) These mortgage payments will not be shown as late on a credit report.
6) At closing, sellers are entitled to as much as $1,500 from the
goverment to cover relocation expenses.