It is amazing to watch government's efforts, with all the hazards built in, to deal with the mortgage and foreclosure issues.
Short-Sale Program Will Pay Homeowners to Sell at a Loss - NYTimes.com: "Taking effect on April 5, the program could encourage hundreds of thousands of delinquent borrowers who have not been rescued by the loan modification program to shed their houses through a process known as a short sale, in which property is sold for less than the balance of the mortgage. Lenders will be compelled to accept that arrangement, forgiving the difference between the market price of the property and what they are owed.
“We want to streamline and standardize the short sale process to make it much easier on the borrower and much easier on the lender,” said Seth Wheeler, a Treasury senior adviser."
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