Dear All Homeowners,
I urge you to open your mail from your bank and open all of it even if it looks like junk mail. This is not news but many homeowners may not be aware of what your lender is sending you and despite your beliefs, it may not be bad news, it could be very good news. This is especially true of those homeowners who are having a finanically difficulty, doing a short sale and possibly facing foreclosure. Here are two very good reasons why you should open your mail.
Homeowners Receiving Incentives For Their Cooperation
Some lien holders, servicers are offering homeonwers a very generous incentive to pursue a short sale. I have seen various offers starting from $750 all the up to $30,000 plus. These seems absurd to many but these are being paid out.
I just met with a homeowner who had gone through the process of attempting to do a short sale with two other Real Estate professionals. As it was explained to me by the homeowners it sounded like the previous real estate professionals didn't know what they were doing. I was not there so I can speak to what level of competency these professionals had. I can say however that within 72 hours I was able to qualify and approve my clients for a cooperative short sale in which they maybe elgible from $5000 to $30,000 moving incentive or relocation incentive. This is a rare program but I am uncertain on how the other professionals missed out on this opportunity. We still have some obstacles to overcome but they are better positioned to avoid a damaging judicial foreclosure.
I can't say this for certain but under the programs with Bank of America, Chase and some othe lien holders they offer these types of incentives. It is very likely and probable that these homeowners recieved a letter that stated they maybe elgible for a short sale and moving incentive. Even if they did recieve this, they probably threw it out because they thought it was junk mail. I am stressing this right now, if you get this, this is not junk mail, it is an actual offer from your servicer. If you get this contact a Realtor in your area that is experience with short sales and get moving on this immediately, these are very time senstive and you could miss the opportunity if it is ignored. If you are in my market place contact me as soon as possible. I am highly experience with not only short sales as a whole but a majority of my short sales are Bank of America, Chase and some of the other larger companies that offer this incentive. I have also worked with homeowenrs in regards to these incentive program so I know what is needed to process them efficiently. Contact me at 708-620-4460 for more information.
Your Loans, Servicers, Lien Holders Are Cancelling Your Debt
You read that correct, in your mail right now could be a statement that says your Bank of America, Chase, Citi is cancelling your debt. This is real, my client just sent me a statement from the 2nd lien holder Chase Home Equity Line of Credit with language in the upper right hand corner that states: "WE ARE CANCELLING THE REMAINING AMOUNT YOU OWE CHASE!" In many cases this is a substantial amount, this one happens to be well over $200,000.
This was as a result of a federal and state mortgage servicing settlement agreement. If you are one of the lucky ones than you should feel releived, This is typically for struggling homeonwers from my understanding. There could still be tax consequences to this so check with your accountant as well. If you are pursuing a short sale it is important to let your Realtor and/or attorney know about this right away, while this seems great in those circumstances it could cause some additional obstacles in regards to timelines for lien releases.
So once again, check your mail and read it if it is from your servicer.
If you are in Cook, Dupage, Kendall, Grundy or Will County of Illinois, contact me, I can help you with your situation.
Raymond Kennedy
Keller Williams Preferred Realty
Illinois Real Estate Broker | Realtor®
Direct: 708-620-4460
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