It has been months since any positive news broke about banks such as Wells Fargo and Bank of America. As two of several key players in the unlawful foreclosure and stubborn lending investigation, these two banks have recently announced plans to extend more options to homeowners in mortgage debt.
Wells Fargo and Bank of America are turning over a new leaf to offer better foreclosure options to homeowners. One push will be in the area of short sales, allowing for more homeowners to participate and get out from under their debts with a little help. While homeowners prefer not to lose their homes, big banks are limited when homeowners aren’t eligible for options like mortgage modification. However, the banks will be offering cash incentives for those who do pursue short sale options as an attempt to alleviate the pain of selling.
Homeowners may be eligible to receive cash incentives of up to $35,000 in exchange for participating in a short sale. These incentives will be targeting those with underwater mortgages, whereby the mortgage debt is greater than the home’s value. Not only will the banks face less cost by avoiding foreclosure expenses, homeowners will finally have an option for getting out from under a sinking mortgage. As of now, Wells Fargo and Bank of America are targeting some of the hardest hit areas like Florida. Homeowners are urged to check with their lender or state if interested in participating in the cash incentives program.