Program to pay homeowners to sell at a loss - The Obama administration is taking a new approach: paying defaulting homeowners to leave their home. This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive solutions. Taking effect on April 5, the program could encourage hundreds of thousands of delinquent borrowers who have not been rescued by the loan modification program to shed their houses through a process known as a short sale. Lenders will be compelled to accept that arrangement, forgiving the difference between the market price of the property and what they are owed.
http://www.msnbc.msn.com/id/35756755/ns/business-the_new_york_times/
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