The federal government has unveiled a new program encouraging buyers to sell their houses for less than they currently owe. Banks will be forced to accept the agreements, forgiving the difference between the market price of the property and what they are owed. Buyers will walk away with $1,500 in relocation assistance and the bank's promise that they will not be sued for the unpaid portion of their mortgage.

“We want to streamline and standardize the short sale process to make it much easier on the borrower and much easier on the lender,” said Seth Wheeler, a Treasury senior adviser.

More than five million homeowners are behind on their mortgages and risk losing their houses to foreclosure. The government’s $75 billion mortgage modification plan has helped a relatively small number of them.

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