We’ve seen a number of incentives out of the Obama administration to stabilize the real-estate market, but unfortunately, there are still a lot of homes on the market out there that don’t necessarily qualify for a mortgage modification. So, now, the administration is announcing the Foreclosure Alternatives Program, or FAP. FAP-ing is probably not your first choice… but with no other options, you might as well FAP:

The Obama administration today announced new details under its Foreclosure Alternatives Program (FAP) enabling servicers and borrowers to pursue short sales and deeds-in-lieu (DIL) of foreclosure in cases where the borrower is generally eligible for a Making Home Affordable modification but does not qualify or is unable to successfully complete the three month trial period. The program, effective through 2012, requires that prior to proceeding with a foreclosure, servicers must determine if a short sale is appropriate.

Full details on the FAP benefits to servicers and lenders for successfully executing a short sale. And here we were thinking real estate hadn’t been FAP-worthy since 2007.

(h/t to reader Peter H for calling this one to my attention! As I’ve been made aware this is a semi-obscure joke, check UrbanDictionary if needing clarification.)