Short Sale Help Starts April 5th
This is to encourage banks and homeowners to do a short sale. The program will probably make many unhappy but a short sale can be more beneficial for the banks and investors. For those that are unhappy about this, don’t worry, like most of the programs meant to help the housing crisis only a few will get the help because the banks won’t go along with it.
Under the new program, the servicing bank, as with all modifications, will get $1,000. Another $1,000 can go toward a second loan, if there is one. And for the first time the government would give money to the distressed homeowners themselves. They will get $1,500 in “relocation assistance.”