Short Sale Incentives
Since the beginning of the foreclosure crisis, millions of homeowners have found themselves chained to a mortgage in which they owed more than their home was worth. Homeowners in financial distress had few options, and many lost their homes to foreclosure.
Alternatives to Foreclosure
Today there are more options. The banks and government have created programs and alternatives to foreclosure which help people find a solution that doesn’t cripple their financial future. Loan modifications, refinances and short sales are some of these solutions.
Banks are Willing to Give you Cash to Sell
You may be asking, “Why would my mortgage lender be willing to pay me money–and how much will they pay?
For the banks, it’s simple math. In a foreclosure, banks take the home from the homeowner and sell it at auction. While they get to keep the sale proceeds, they also must pay for upkeep of the vacant property, holding costs, and cover the expenses of the sale.
With a short sale, the bank does not have to sell or maintain the property because it is still owned by the homeowner, who is responsible for finding the buyer. The final sale amount of the short sale is almost always greater than the sale amount at a foreclosure auction.
How Much Will They Pay?
This varies, but the amounts can be surprising and most major lenders have some sort of incentive.
Bank of America
Up to $35,000
Up to $35,000
Smaller banks also have incentives, and there are government programs which allow you to receive incentives for completing a short sale. Amounts depend upon the value of your home and other criteria determined by the bank, but today homeowners can avoid foreclosure in a way that protects their financial future.
If you are struggling with your mortgage, there are more options available the sooner you take action. Each month we publish a special report just for distressed homeowners. You can always see the current report by visiting ForeclosureOptionsToday.com and see all the archives at the Resources tab. We’re here to help.
One of the Most Important Things to Know
The sooner help is sought, the more options are available, and the greater chance of success.
As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially strapped homeowners with alternatives to foreclosure, help them steer clear of scams, and assist them in finding the solution that best meets their needs.
These are tough times, but more help is available than ever before. If you or someone you care about needs freedom from the frustration of a mortgage they can’t pay, contact me today and let’s get started.
Always obtain legal and tax advice before making a decision about your financial future.