Banks Now Paying Homeowners to Avoid Foreclosure

You may have heard recently that there is no difference between a short sale and a foreclosure and I wanted to set the record straight. Short sales are an agreement between the seller’s lender and the seller to accept less than they are owed for the value of the house. During a short sale, the first lender will also offer payment to the second lien holder in order to encourage them to approve the sale. In order for a short sale to reach approval, all parties involved must reach an agreement on the sale.

Even though our foreclosures are significantly down, they still represent 15 percent of total home sales in our market. Short sales represent 66 percent.

Today, banks are incentivizing homeowners who are short selling their homes. They are also streamlining the approval process in order to approve a greater number of short sales. In addition banks are also offering relocation assistance on top of the existing federal and state programs.

As a Certified Distressed Property Expert, I am experienced in helping homeowners avoid the negative and long-lasting effects of foreclosure. Contact me today in order to schedule a free no obligation consultation.