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Bloomberg: Banks Paying Homeowners To Avoid Foreclosures

Tuesday, February 7, 2012 - 12:34 PM
"Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 [...] to delinquent homeowners to sell their properties for less than they owe. Lenders have routinely delayed or blocked such transactions, known as short sales, in which they accept less from a buyer than the seller’s outstanding loan. Now banks have decided the deals are faster and less costly than foreclosures, which have slowed in response to regulatory probes of abusive practices."

See story here.
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ClickClackClickClack25 posts since
Feb 7, 2012
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