Gainesville – Short Sale Banks are Offering Incentives Many short sale lenders are offering incentives to homeowners to decrease the amount of foreclosures.
JPMorgan Chase went national with short-sale incentive and deed in lieu offers last year, paying up to $35,000 in some cases. Unfortunately, when a Gainesville homeowner receives a letter in the mail they have a timeline for the borrower to respond. As with some of my clients they call the number provided in the letter and the short sale representative on the other end is not familiar with the terms in the letter.
Bank of America started testing incentives from $5,000 to $25,000 in Florida to see if they should be expanded to more states. This was a trial run in November and December with very strict criteria.
Wells Fargo’s incentive program offers range from less than $3,000 to $20,000.
Short sales, even with incentive payments to borrowers, can save lenders money compared with the expenses involved in completing foreclosures. In cities and states such as Gainesville Florida, a judicial state, where foreclosures go through the court, 50% of the loans in foreclosure are more than two years past due.
Banks are more willing to do short sales now than in the past, however short sale lenders will not say how often or when they will offer incentives. You will see short sale incentives more often in states where foreclosures take more time.
HAFA foreclosure prevention program also offers short sale incentives, at least $3,000 for sellers, but far more short sales are being done outside the government program.
Other Articles to Read:
Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents