Summary Box: Gov’t promotes exit for homeowners with property values under their mortgages

Summary Box: Gov’t promotes ’short sales’

EXIT STRATEGY: The Obama administration on Monday launched an effort to make it easier for borrowers who owe more on their mortgages than their properties are worth to sell their homes.

TAXPAYER AID: Homeowners who qualify will get $3,000 to help pay for relocation costs. They will still lose their homes, but these so-called “short sales” don’t hurt a borrower’s credit score for as much time as a foreclosure.

LIMITED SCOPE: To qualify, homeowners either have to be behind on their mortgages or on the verge of becoming delinquent. The home needs to be the borrower’s primary residence.