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Government Program Aims to Help Homeowners Avoid Foreclosure

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Homeowners across the United States who are undergoing financial hardship could avoid foreclosure under a U.S. Treasury Department program. Under the program, which went into effect in April 2010, at-risk homeowners could be free of mortgage debt without going through foreclosure, and given $3,000 for relocation.

The Treasury program provides incentives for lenders and homeowners to complete Short Sales - transactions in which the lender agrees to a sale price that's less than the borrower owes on the mortgage. Short Sales are preferred to foreclosure because homeowners may take less of a hit on their credit and lenders realize a smaller loss.

However, Short Sales often get bogged down because of the complicated nature of the transaction. Deals can fall through because the process takes too long.

Under the program, which speeds up and simplifies the Short Sale process, mortgage servicers have 10 days to approve or reject a request for a Short Sale. And when the sale is done, the borrower must be fully released from the debt of the primary mortgage.

If you've fallen behind on your mortgage payments or received a pre-foreclosure letter from your lender, a RE/MAX real estate agent can help, Contact Us and we will get you in touch with the right agent to help you. 

Video Courtesy of Making Home Affordable