While mortgage modifications continue to be a huge problem for the Obama administration, they seem to be following the advice of the geeks at the Federal Reserve and from the folks in the “Trenches“. (See WSJ Article). You are eligible to do a short sale if (1) you have a government backed loan (Fannie, Freddie, VA, etc.), (2) its your primary residence, (3) you have been turned down for a modification, and (4) you have had the property listed at market price. That means you may get $1,500 from the government upon closing and you get to Walk Away! No Deficiency! Learn more about alternatives to foreclosure and defenses to foreclosure at our seminar tomorrow night at 6:00 p.m.
Tags: Loan Modification, mortgage modification, short sale, short sales
wonderful news! i just wrote an article about this as well.