Banks Are Finally Using Their Heads
Multiple choice pop quiz: Who said this line?
“If we can’t work out a modification, a short sale is a better result for the borrower, the servicer, the investor, and the neighborhood than a foreclosure.”
Here are your choices:
a) Me
b) President Obama
c) JPMorgan Chase
d) a and c
Have you guessed the answer? Trust me, it’s not (b). Because if it had been our country would be in a MUCH better situation than we’re in.
The right answer is (d). JPMorgan Chase, one of the largest banks in the nation, and me, have said that short sales offer the best option for distressed homeowners. Of course, I’ve been saying it for years and Chase has just come to this striking conclusion this week. But they’re a big company, their brain just moves a lot slower than normal.
And while Chase is the only bank to put this into words, every major bank including BofA and Citi have expressed the same point. And not just in words – they’ve put their money where my mouth is. They offer $12,000 to $20,000 incentives to borrowers to go through with a short sale. Not just that, they’ve also cut through most of the red tape, allow agents to submit backup offers if one buyer falls through, and a whole mess of other changes.
I really hope this isn’t too little, too late. It’s a shame that it’s taken everyone this long to come to this pretty obvious conclusion. So in case you didn’t believe me all along now I’ve got several million mortgages to back me up.
America has got to wake up and get serious about short sales. They are our best hope for pulling ourselves out of this recession, dealing with the huge inventory of pending foreclosures, and getting home prices back where they should be. So if you’ve been hesitant to step into the ring until now things have just gotten easier. When I offer you a product to help your short sales along you would do well to trust me. I can help you make this economy work for you so leave a comment below or contact me today.
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