Housing-Rescue Plan Adds ‘Short Sales’ – WSJ.com

The government will pay mortgage-servicing companies up to $1,000 and borrowers up to $1,500 for successful short sales or “deeds in lieu” transactions. It will also spend up to $1,000 to help defray the cost of getting holders of second mortgages to release their liens so these transactions can be completed.

Short sales have accounted for 15% to 20% of sales of existing homes this year, according to the National Association of Realtors. Read Full Article

Posted by Eureka Expert on May 15 2009. Filed under Housing, Lending, Short Sales. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry