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    Lenders paying borrowers to do short sales

    Are you thinking about a possible short sale?  Call us.  We are experts.

    Lenders are allowing more short sales by financially strapped homeowners and a few people are even getting cash to complete the sale.

    Examples:

    •JPMorgan Chase went national with short-sale incentive offers last year, paying up to $35,000 in some cases.

    •Bank of America is testing incentives from $5,000 to $25,000 in Florida to see if they should be expanded to more states. The Florida program began last fall, spokesman Richard Simon says.

    •Wells Fargo's incentive offers range from less than $3,000 to $20,000, spokesman James Hines says.

    Short sales, even with incentive payments to borrowers, can save lenders money compared with the expenses involved in completing foreclosures.

    In states such as Florida where foreclosures go through the courts, 50% of loans in foreclosure are more than two years past due, says a January report by mortgage tracker LPS Applied Analytics.

    "It's a lot cheaper to shell out $10,000 or $20,000 to someone than it is to go through a long foreclosure," says Jim Gillespie, chief executive of Coldwell Banker.

    http://www.usatoday.com/money/economy/housing/story/2012-02-19/lenders-allow-more-short-sales/53157246/1

    Lisa Schoeffler, CRS, ASP
    Prudential California Realty
    805-766-7373
    GaryandLisa.com
    A member of HomeServices of America, Inc.
    a Berkshire Hathaway affiliate
    • 21 February 2012
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  • Gary and Lisa Schoeffler's Space

    Enjoy the peace of mind that comes with relying on an experienced and trusted team of advisers. With a combined 70 years of experience behind them they have a proven track record and hundreds of satisfied clients to reflect their dedication and professionalism. Gary is the Associate Broker for the Prudential Ventura office. The team was awarded the Chairman's Circle Award for 2009, a distinction which is given to the top 2% of Prudential's 60,000 sales professionals. Lisa combines her extensive sales and marketing background with a Bachelor of Arts degree in Management and a minor in Economics. Lindy, a Ventura County resident for 40 years, is an amazing resource to anyone relocating to this area as well as those who wish to remain here.

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  • About Gary and Lisa Schoeffler

    Enjoy the peace of mind that comes with relying on an experienced and trusted team of advisers. With a combined 70 years of experience behind them they have a proven track record and hundreds of satisfied clients to reflect their dedication and professionalism. Gary is the Associate Broker for the Prudential Ventura office. The team was awarded the Chairman's Circle Award for 2009, a distinction which is given to the top 2% of Prudential's 60,000 sales professionals. Lisa combines her extensive sales and marketing background with a Bachelor of Arts degree in Management and a minor in Economics. Lindy, a Ventura County resident for 40 years, is an amazing resource to anyone relocating to this area as well as those who wish to remain here.

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