The FDIC has announced a new program by it’s administration to encourage people to hand the keys back to the bank if a loan modification does not work out. This “short-sale” program is designed so that the bank can get the property without foreclosing and they get $1000 as an incentive. Both the first and [...]

Banks are moving at the fastest pace possible in the foreclosure and short sale arena.  The banks will write down the debt that is not collateralized by real property.  Loan modifications are being dragged by the banks to boost the interest on the debt.  Because the banking rules are above and separate from the credit [...]