Realizing it’s better to recover some money now rather than trying to get all their cash back eventually, more banks are making it easier for homeowners to unload their houses for less than what is owed on the mortgage.
So-called short sales are traditionally a nightmare to all involved parties. Homeowners have had to jump through hoops at uncooperative banks who stubbornly insisted a buyer could be found who would be willing to pay the full amount remaining on the loan. Home buyers often balked at even making offers on short sale properties, knowing it could take months of waiting just to find out the bank didn’t approve the deal.
But according to Bloomberg, banks have come to see that it might make more sense to unload the property ASAP rather than go through the lengthy foreclosure and auction process.
Thus, banks are now pre-approving some short sales which cuts down the amount of time it takes to close on the deal. Some banks are also forgoing their right to pursue unpaid debt and occasionally providing large cash incentives
Bloomberg has the story of one underwater homeowner who received a letter from JPMorgan Chase declaring, “You could sell your home, owe nothing more on your mortgage and get $30,000.”
So she took the deal and the bank sold her home for $200,000 less than what was owed on the mortgage — and she walked away with $30K that she’ll be using to move and make a deposit on the rental she’ll move into once she closes later this week.
“I wondered, why would they offer me something, and why wouldn’t they just give me the boot?” she tells Bloomberg. “Instead, I’m getting money.”
“When a modification is not possible, a short sale produces a better and faster result for the homeowner, the investor and the community than a foreclosure,”
In the last three years, short sales have jumped from only 2% of U.S. residential transactions to almost 20% today.
For more information on Short Sales or Loan Modifications visit my website www.MIForeclosureHelp.com
consistently ranked as one of Southeastern Michigan's Leading Short Sale Specialist, Rick is one of the areas premiere Certified Default Advocates. With his strong focus on assisting homeowners in need, Rick offers a straightforward no nonsense consultation designed to give you all the information and facts to enable you to make the best decision for you and your family.
As every situation is different and Rick offers his insight and knowledge of the default process and all the options available to you to avoid foreclosure. Rick Giese experience of representing both homeowners in distress avoids foreclosure and his insider knowledge of the default process makes Rick Giese's experience unique. Trained and personally coached by the former Chief Loss Mitigator of IndyMac bank Lee Honish, Rick understands what the banks are looking for and how best to assist you in your time of need. Call Rick Giese today at toll free at 1-800-274-5656 for your free consultation and sleep better tonight
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Rick is a Real Estate Associate Broker at RE/MAX Advisors. Macomb, Oakland and Southern St Clair Counties Short Sales Realtor:
Phone: 1-800-274-5656. firstname.lastname@example.org.
Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County
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