Banks use incentives to encourage short sales

02/7/2012 | Bloomberg

As the foreclosure process has become bogged down with regulatory investigations, more banks are embracing short sales, with some offering homeowners up to $35,000 to accept less than their homes are worth. The incentives are part of lenders' efforts to move troubled mortgages off their books. Foreclosures can cost 15% more than short sales, according to Moody's Investors Service.

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