Fred Filsoof President of Coordinated Properties lists some details of the new short sale guidelines.

The Obama administration laid out final guidelines that should make it easier for some financially troubled borrowers to sell their homes.

The guidelines are designed to encourage the use of short sales, transactions in which the borrower with lender approval sells the home for less than what is owed on the loan. The program also makes it easier for borrowers to voluntarily transfer ownership of properties through a "deed in lieu of foreclosure."

Under the plan, borrowers will receive $1,500 from the government if they sell their homes for less than the amount of their mortgages. Mortgage-servicing companies will also receive $1,000 for each completed short sale. Under the new guidelines, second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgages, meanwhile, can collect up to $1,000 from the government for allowing such payments. Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.

Ongoing Projects
"Presently, Coordinated Properties is completing the third stage of development of a 270 acres high end residential development known as Litchfield, in the suburb of Atlanta", Fred F. Filsoof announced. The company also acquired approximately 1400 acres of high elevation in the Western Carolina mountain lands in Cashier, Franklin and Maggie Valley, primarily for the development of second homes, resort and equestrian developments. "This large scale project is presently ongoing," Fred F.Filsoof included. The company has also acquired approximately 400 acres of water front partially developed properties in Beauford, NC. with completion plans in the future.

About Coordinated Properties
Coordinated Properties,Inc. is a full service real estate company based in Atlanta, GA. The company has grown outside of Altanta and has multiple properties in Georgia, New York City, Biloxi,MS, and Stewart, FL. The company's office is located at
1100 Garmon Dr. NW Atlanta, GA 30327

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About Coordinated Properties

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Fred F Filsoof
Press Contact, Coordinated Properties
Coordinated Properties
100 GArmon Road NW
Atlanta, GA 30327