Lenders paying borrowers to do short sales

by Gary and Lisa Schoeffler on February 21, 2012

in Latest News

Are you thinking about a possible short sale?  Call us.  We are experts.

Lenders are allowing more short sales by financially strapped homeowners and a few people are even getting cash to complete the sale.

Examples:

JPMorgan Chase went national with short-sale incentive offers last year, paying up to $35,000 in some cases.

Bank of America is testing incentives from $5,000 to $25,000 in Florida to see if they should be expanded to more states. The Florida program began last fall, spokesman Richard Simon says.

Wells Fargo‘s incentive offers range from less than $3,000 to $20,000, spokesman James Hines says.

Short sales, even with incentive payments to borrowers, can save lenders money compared with the expenses involved in completing foreclosures.

In states such as Florida where foreclosures go through the courts, 50% of loans in foreclosure are more than two years past due, says a January report by mortgage tracker LPS Applied Analytics.

“It’s a lot cheaper to shell out $10,000 or $20,000 to someone than it is to go through a long foreclosure,” says Jim Gillespie, chief executive of Coldwell Banker.

Lisa Schoeffler, CRS, ASP
Prudential California Realty
805-766-7373
GaryandLisa.com
A member of HomeServices of America, Inc.
a Berkshire Hathaway affiliate

Posted via email from venturarealestateexpert’s posterous

Leave A Reply With Facebook

comments

Search Homes on the Ventura Market What is your Ventura Home Worth?

Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

Gary and Lisa has written 371 articles.

Leave A Reply With Facebook

comments

Powered by Facebook Comments

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: