Why is short sale trend growing?
Bob Massi weighs in
- Duration 3:04
- Date Jan 19, 2012
Bob Massi weighs in
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I'm moving on to this topic in real estate crisis has struck millions many americans' homes are under water and in many cases people's mortgages.
Cost more than the home is actually worked so what can the struggling homeowner do to ease this situation.
-- right now as he does every week Fox's legal analyst Bob -- Bob -- can you do.
Well first of all one of the things over to talk to our viewers about his what's happening in a short -- industry.
And and basically we have a situation where there's more short sells -- ever before now happening in this country Bryant and the reason is.
The learning curve for the lenders cost of foreclosure cost of maintenance costs of taxes property taxes.
Cost of insurance to maintain.
Cost of maintenance the robo signing scandal we talked about last -- immersed handle all the illegal foreclosure took place.
The trend now is short cells are really be up and coming thing for homeowners.
In America and that's something that I want our viewers to know that if they are under water short sells something that lenders -- looking more to today OK so here's another question is it true that some lenders.
Are actually giving cash incentives.
For home owners -- to do those shorts -- -- they are as a matter of fact Gretchen I could represent our viewers I personally have seen some lenders.
-- up to 30000 dollars for homeowners to do a short -- and here's why.
Lenders are concerned about what's happening to their collateral we've reported before how people destroyed the homes -- are so frustrated.
They poured cement down toilets they pulled -- That the window frames out unbelievable -- so basically what some lenders are going.
It's are saying we're gonna pay you.
An incentive to maintain our property.
To pay for the taxes while you're were negotiating to short sell to pay for insurance and they paid some lenders paid 2500 dollars Gretchen.
Some pay 7500 some pay 101000.
Many are paying these incentives more now than ever before for those reasons and the -- how do you know if you are one of the people that are eligible.
For those incentives and that the short sale is something that your bank wants because and that's not every bank wants this.
Well here's -- -- Bryant.
You have to talk to your realtor who we have -- your short sell to see if -- lender are offering incentives it's very.
It's sort of -- whatever whatever lender wants to do -- whichever homeowner they wanna -- are doing it so it's not like Bank of America saying.
In Las Vegas we're gonna offer all of these incentives to all of these homeowners it's done in a very.
Peculiar way we don't really know why.
They choose certain jurisdictions like Florida had -- big time up to December where they were doing it but it's important to ask your realtor.
Am -- part of this program are they offering incentives -- to sell my home and assure itself.
-- very interesting stuff Bob I know you've helped a lot of people and of course you can continue to email Bob -- your questions at FOX & Friends.
Dot com we've seen on a great weekend so you can send.