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 second lien holders get cash and as never before and against current programs, the home owner gets $1500.00 to relocate. The carrot is the cash that the borrowers get and that they are told that a foreclosure will not show on their credit reports.

Here we are now with an exit strategy that the FDIC has embraced that would have wound us up in jail should we encourage people to walk away from their homes.

Follow the link

http://today.msnbc.msn.com/id/26184891/vp/35796043#35796043