$2,500 - $30,000 BOFA
$3,000 - $20,000 Wells
Up to $35,000 Chase
Up to $35,000 City
If you are a homeowner, there has never been a time quite
Since the beginning of the foreclosure crisis, millions of
homeowners have found themselves pinned in by their
financial circumstances and chained to a mortgage in
which they owe more than their home is worth. In the
past, homeowners enduring these challenges had very few
options, and most of them would either be forced to sell
their home or lose it to foreclosure.
Today, however, there are more options. The government
and the banks have created a multitude of programs and
foreclosure alternatives that can help people in these
circumstances find a dignified solution for their problems
without crippling their financial future. These options include
loan modifications, refinancing, or short sales.
But what really makes today a unique time for distressed
homeowners is one simple fact: Banks are now willing to give
you cash to sell the home that you can’t afford.
You may be asking yourself: “Why would the bank be willing
to pay me money?” and “How much money will they pay?”
Let’s take a closer look.
“Why would the bank be willing to
pay me money?”
This one is really simple. For the banks, it’s all
about arithmetic. In a foreclosure, banks take
the home from the homeowner and then sell it at
auction. The banks get to keep the money they
make at auction, but they also have to pay money
on upkeep of the vacant property and expenses
related to the sale.
For other options, like a short sale, the bank is not
responsible for selling or maintaining the house because
it is still owned by the original homeowner and it is the
homeowner’s responsibility to find a buyer for the home. In
almost every case, the final sale amount in a short sale is
greater than the sale amount at a foreclosure auction.
Because of this simple fact, short sales have become the
preferred foreclosure alternative for the banks. This is
why they are willing to offer the homeowner cash to short
sale their home: even with a cash incentive, the bank still
recovers more money in the long run and the homeowner is
able to walk away from their financial situation with some
cash in their pocket and the opportunity for a fresh start.
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