Tuesday, 16 March 2010

Short Sales

The Obama Administration recently passed a new law requiring banks to accept short sales. Short sales require that the bank take less than the borrowed amount for the property. Delinquent homeowners will also be paid $1500 to help with relocation. More than $5 million families are behind on their mortgage and risk foreclosure. Click here for more information. This is good news for many homeowners who are in financial turmoil and need to move but cannot sell their home for the balance on their mortgage.

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