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In an effort to move troubled mortgages off their books, banks have begun offering more than $35,000 in cash to delinquent homeowners so that they can sell their properties for less than they owe. No lender likes short sales, but banks have decided that they're both quicker and less expensive than foreclosing. In addition to offering cash incentives, banks have been pre-approving details, streamlining the process of closing and forgoing their right to pursue unpaid debt in the hope of getting through some of the backlog. At this point, more than 14 million homes are in foreclosure, and the pending repossessions that have accumulated are standing in the way improving the housing market. Banks have to offer a substantial cash benefit to sell short, and $35,000-plus appears to be the going rate to get someone out of their home. A number of banks in Arizona, California, Florida, New York and Washington are now offering cash incentives. The largest incentives are extended by JPMorgan Chase, who approve about 5000 short sales monthly, many of whom have include settlements of $10,000-$35,000 each. On average, short sale transactions, from listing to sale, take from 123 days - much less time than a foreclosure. How can this help you? Be sure to check into this each lender and area is different. Worth asking don't you think?.
Landmark Mortgage Group is a division of Opes Advisors and licensed by the CA Dept. of Real Estate, Real Estate Broker license 01458652 and NMLS 235584. Equal Opportunity Lender.