Industry NewsMortgage

Feds get behind short sales

Making Home Affordable program expanded
Published on May 14, 2009

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by CareyBot

The Obama administration will encourage troubled borrowers who don't qualify for loan modifications or can't keep up payments on a modified loan to pursue a short sale or deed their property to their lender in order to avoid foreclosure.

While the main thrust of the administration's Making Home Affordable initiative remains loan modifications and refinancings, the program is being updated to provide incentives for borrowers and loan servicers to engage in short sales and deeds-in-lieu of foreclosure.

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