Banks paying under-water homeowners up to $35,000 to sell their home
Is this you? Someone you know? In a recent article from Bloomberg it was highlighted that some Banks are now paying homeowners to avoid foreclosure. You read that right, PAYING. From $3-$35,000. Sounds too good to be true, right? It's not!
It's a numbers game really, Banks have gotten smarter in realizing that approving a short sale on a home, streamlining the process & even offering the seller a cash incentive makes way more sense than a costly, lengthy foreclosure. The foreclosure process is lengthy & the short sale process is anything but short. With the banks behind it I can definitely see this speeding up the otherwise lengthy, drawn out, frustrating & time consuming short sale process.
It's a win - win & one I am all for.
Not all homeowners can qualify & most of the guidelines aren't even revealed. It seems most of the banks "identify" people on their own & let you know. No qualifying process that I can find, no sign-up or volunteering.
If you are in, you are in, if you aren't, in the words of Heidi Klum "Auf Wiedersehen". JP Morgan has been the incentive provider reported thus far, others that are heard to be offering incentives are Wells Fargo, Citigroup & even Bank of America.
As the old saying goes, "Money Talks", this certainly is getting the attention of some homeowners who have stopped making their mortgage payments & otherwise wouldn't be eager to start up a conversation with their mortgage company.
Kristin Moran
Specializing in San Antonio & surrounding cities
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RE/MAX Access - Realtor®/Owner
KristinMoran@Remax.net 210.313.7397 www.SistersThatSell.com
Buy a home from me, use the truck to move for free!
Hi Kristin. Sounds great to me too!
I just read a featured post on the other side of the story, and didn't understand...
If this can speed up the whole mess we are in, I am all for it!
Thanks for writing!
Ken
I think that it might just be a smart move! But why are they so tough on doing loan mods!
HI Ken - I would love it if it sped up the whole mess! thanks for commenting.
Hi JO! - sadly, I don't have the answers for you. :)
Hi Kristin, This is the BEST News I have heard all day. I see and understand why banks would want to avoid that whole foreclosure process, and I personally don't like doing Short Sales, but I have done them to help out my clients.
Are the banks going to "partner" with agents, or are they going to use their REO agents to list this short sales... or are they going to make the sellers fend for themselves in finding a good agent? Hmmm...