There’s an article in the New York Times about the Obama Administration’s effort to end the foreclosure crisis. This latest program, which will allow owners to sell for less than they owe (a short sale) and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied 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, in which property is sold for less than the balance of the mortgage. Lenders will be compelled to accept that arrangement, forgiving the difference between the market price of the property and what they are owed.

If you are struggling to pay your mortgage or are behind in payments a short sale is a great option to give you peace of mind and allow you to move on with your life. Please call me at 760.219.3964 or e-mail me at pam247re@hotmail.com to discuss how a short sale can help you.