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Author: CCinOC Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127262  
Subject: Re: Another Underwater Thread Date: 2/8/2013 7:44 PM
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Also, to CCinOC- would you mind explaining the idea of "short sale incentive"? I'm afraid I'm missing it.

Many lenders are PAYING homeowners to move out of the house to allow for a short sale. Yup--at the close of escrow, a distressed homeowner can receive up to $45,000 as an incentive to avoid foreclosure.

There are articles all over the internet about this phenomenon. Short sale incentives are no urban legend.

http://www.cnbc.com/id/46454093/Lenders_Paying_Borrowers_to_...

http://money.cnn.com/2012/02/10/real_estate/short_sale_incen...

http://www.bloomberg.com/news/2012-02-07/banks-paying-homeow...

The booty has increased to $45,000.

http://www.reuters.com/article/2012/07/25/us-column-personal...

You need to find a real estate agent who knows about this, as the incentive must be built into the contract that is submitted to the shorting lender.

http://www.cdpe.com/find/cdpe
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