Homeowners caught in the clutches of an underwater mortgage and stressful real estate property debt could certainly use a break. Lenders are realizing that disgruntled homeowners can either vandalize and walk away from their home, or refuse to pay their mortgage and basically live in their house for free while lenders process a lengthy foreclosure process. However, there is a small light at the end of the tunnel for both the homeowner and lender. Here are three options that can provide homeowners a monetary incentive, release homeowners from the burden of their underwater home, and save the lenders a bigger headache.

1.) Show me the short sale!: Many lenders are actually paying sellers large incentives to complete a short sale, because short sales cost less than a foreclosure and save time. Since April of 2010 the Home Affordable Foreclosure Alternatives (HAFA) short sale program has been in effect to help home owners avoid foreclosures by giving them an incentive of up to $3,000. It’s been reported that some lenders are offering monetary incentives as high as $30,000 to complete a short sale!

For complete San Diego Short Sales, go to http://www.openoffer.com/short-sales

2.) Desperate for a DIL!: Sometimes the short sale process falls through and homeowners are offered to do a deed in lieu of foreclosure. This program allows the banks to acquire real estate properties back from bowers and is considered easier for banks because it saves them the time and costs associated with the foreclosure process. Some motivated lenders will often pay borrowers a relocation incentive of $1,000 or more to peaceably vacate the property without harm, meaning they will not vandalize or intentionally damage the house.

3.) Cash for keys, please!: When a homeowner has tried every option from loan modifications, short sales, and DIL’s with no luck, unfortunately they may end up stuck in the foreclosure process. However, there are some lenders that offer Cash for Keys. This program basically pays homeowners up to $3,000 to leave their home after a foreclosure instead of them having to do an eviction. In this agreement, homeowners agree to return the keys and vacate within a certain time period and leave the home in broom swept condition.

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