Released: March 08, 2010

Program will pay homeowners to sell at a loss

Source: David Streitfeld, New York Times

In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.

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 attempts to grapple with a problem that has defied solutions.

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Keywords

Housing, Short Sales, Obama Administration, Selling Home, Foreclosures