“Karen Farley hadn’t made a mortgage payment in a year when she got what looked like a form letter from her lender.
‘You could sell your home, owe nothing more on your mortgage and get $30,000,’ JPMorgan Chase & Co. (JPM) said in the Aug. 17 letter obtained by Bloomberg News.”
That’s what they’re writing about home lender JP Morgan at Bloomberg News. This particular short sale was for $200,000 less than what was owed, but taking that loss was still cheaper than foreclosing. According to the article, they are offering up to $35,000 in some cases, and other banks may follow. Lenders are getting more realistic about short sales.
Do you need to explore this idea? We can offer reliable advice about your Redding area home’s actual present market value, with no obligation. We can’t make any promises about lender bonuses, but we know a lot about local real estate and marketing.
If you get a similar offer letter from your lender, call us to arrange the sale.