The U.S. Treasury Department released a plan yesterday to speed up and encourage Short Sales as a means to help families avoid foreclosure. Although the new guidelines aren't everything we were hoping for, they do represent a significant improvement over the current situation.

Short Sales have been difficult to close, and these new measures are a huge step in the right direction. One major highlight: A lender must give a yes or no answer to an offer within 10 days. Also included: a moving allowance, incentives for sellers and lenders, commission rules, and a stipulation that releases sellers from debt liabilities.

For more short sale information, click here.  


Here's an initial Reuters news story outlining the new policies:  http://bit.ly/5IsOD9