Yes, this is now happening, lenders are trying to stop homeowners from destroying their property before the lender forecloses. These lenders state that if the property is in good condition when foreclosed upon they will reward the former borrower. The amount can range from a couple of hundred dollars to several thousand depending on where the home is located.
I know that many of us have seen homes that are completely destroyed and many times the REO agents are just putting a band aid on the issues that they have to deal with. It seem that these lenders are trying to avoid exacerbating what challenges come along with a home that is foreclosed upon.
This is an interesting way to keep the homes from going into decline.
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