To qualify, owners who are "underwater" and seriously behind in their mortgage payments must expedite the sale of their homes either by a short sale or by simply turning the deed back to the lender which is known as Deed in Lieu of Mortgage.
These processes eliminate the need for a lengthy foreclosure proceeding. The new program will also require lenders to set a minimum bid on properties turned back to them under the program.
The objective is to speed the process and get bad mortgages dealt with sooner rather than later.
More Information is available by clicking this newspaper article from the San Francisco Chronicle:
SFGate.com article on New Government Program for Underwater mortgages
Please e-mail me for a report that list the various alternatives to a foreclosure process.
Visit my website for additional information on real estate in the Mobile Alabama area.
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