The new key provisions of the Treasury's guidelines regarding short sales:

The lender must respond to short sale offers within 10 business days.

The seller will not have to pay back any amount of mortgage debt.

The seller is entiled to a relocation incentive of $1500, which will be deducted from the proceeds at closing.

The lender will be paid $1000 to cover administrative and processing costs.

The investor owning the mortgage gets a maximum $1000 for allowing up to $3000 to be distributed to less-senior lien holders.

The lender can't require a reduction in the agreed-upon real estate commission as a condition of approving the short sale.