New guidelines for short sales were finalized by Obama’s advisers on November 31, 2009. It is the hope of the administration that the use of short sales will reduce the amount of losses on failing properties. These new regulations would allow the buyer to get out from underneath their loan by selling their home to a new potential buyer for an amount that is less than what the balance due on the home is less than…
See more here:New Federal Regulations Make Short Sales Easier
