The Treasury Department just unveiled sweeping rules designed to speed up short sales. Homeowners can even get $1,500 to help cover their moving costs. The plan is designed to help who don't qualify for a loan modification under the Making Home Affordable program. Short sales reduce the damage to the borrower's credit record and save the lenders the cost of foreclosure. Short sales also help property values because the sales price is usually higher than what it would be in a foreclosure auction. Please see the full article for a list a qualifications. Short Sales have been a nightmare for seller's, buyers and Realtors so I hope this is enacted quickly.
http://www.denverpost.com/business/ci_13904478
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