Short Sales, will the new Guidelines make a difference?

I just listened to a Webinar today about the guidelines that have been issued by the Governement for the handling of Short Sales. While they sound great in theory, I am not sure they will really help.

I read a horror story today of a fellow that had a contract on a Short Sale and it was approaching a year since the start of the process. He was very discouraged because it got all the way down to the end, supposedly, and the second lien holder refused to close unless the seller was willing to sign a promisory note for the balance. Of course the seller refused so the sale was in limbo. He wanted to know what to do. The comments from everyone were to move on. But I sure did feel for the guy. It has got to be so frustrating for these buyers who get their hearts and hopes set on the perfect home only to have the Banks decide to play games, after a Year no less.

Do any of you think that the Guidelines that are going to take effect in April will make a bit of difference? I don't, the incentives offered are too puny and those second lien holders are not going to settle for a pittance on their notes. I would love to think that it is going to make a difference but....banks will be banks and they hold all the cards. No amount of pressure is going to Make then do anything they don't want to do.