Waltham, MA (PRWEB) November 15, 2011
Chase Bank sent a homeowner (name withheld) a solicitation letter providing up to $ 35,000 to do a quick sale. Back in August the homeowner named McGeough Lamacchia Realty right away and the residence was listed for sale inside two weeks.

When an offer you was obtained the employees at McGeough Lamacchia Realty and Dorner Law submitted a short sale package to Chase along with their solicitation letter to remind them that this $ 35,000 was provided. After five weeks of negotiating Chase not only offered a brief sale approval and waived the entire deficiency balance but they agreed to spend this homeowner the whole $ 35,000.

Over the past year more main banks have realized that paying distressed homeowners a substantial sum is a fantastic way to incentivize them to move out of the home they can no longer afford. Chase has been sending out these solicitation letters of up to $ 35,000 for about a year. Citi Mortgage has been paying up to $ 12,000 for about 6 months and Bank of America has most recently agreed to spend up to $ 20,000.

McGeough Lamacchia Realty and Dorner Law have negotiated large sums for its clients before, but this $ 35,000 is a new record that they are proud of. These applications are only presented on the loans exactly where these banks in fact personal the mortgage. Most mortgages are getting serviced by the large banks on behalf of a single of the 3 GSEs: Fannie Mae, Freddie Mac, and FHA (Federal Housing Administration). FHA does offer you a $ 1,500 incentive to do a quick sale beneath their Pre-Foreclosure Sale program. Fannie Mae and Freddie Mac do not at the moment offer you any funds unless the quick sale is by means of the Treasurys HAFA system.

Below the Treasurys HAFA (Residence Cost-effective Foreclosure Option) system which came out in April 2010, lenders are paying $ 3,000 to distressed homeowners who complete a short sale by way of the HAFA plan.

It is clear that the major banks have woken up and realized that a brief sale is the best way to lower losses and help distressed homeowners in a graceful and dignified exit from their house. Its unfortunate that Fannie Mae and Freddie Mac still havent seen the light, says Anthony Lamacchia.

Quick sales are escalating across the country for many causes: