{"id":3581,"date":"2012-09-06T12:18:31","date_gmt":"2012-09-06T12:18:31","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=3581"},"modified":"2012-09-06T12:18:31","modified_gmt":"2012-09-06T12:18:31","slug":"banks-open-to-short-sales","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/banks-open-to-short-sales\/","title":{"rendered":"Banks Open to Short Sales"},"content":{"rendered":"

Banks Open to Short Sales.<\/h2>\n
\"Banks<\/a>

Banks Open to Short Sales<\/p><\/div>\n

To meet the terms of the $26 billion mortgage settlement, the nation\u2019s five largest banks are becoming more agreeable to short sale<\/strong>s, Inman News reports.<\/p>\n

The five banks — Bank of America, Citi, JPMorgan Chase, Ally Financial, and Wells Fargo — have issued most of their relief from the settlement so far in the form of short sales<\/em> or deeds in lieu of foreclosure.<\/p>\n

Under the settlement, the five banks are required to provide $17 billion in aid to home owners, either through loan modifications, principal reductions, or short sales<\/span>.<\/p>\n

To date, 74,614 home owners have received an average of $116,200 each as either a short sale or deed in lieu of foreclosure.<\/h3>\n

Since January, sales of homes in the pre-foreclosure process — usually taking the form as short sales — have been rising. In fact, they reached a three-year high in the first quarter, RealtyTrac reports. Meanwhile, the number of foreclosure sales has been declining.<\/p>\n

Besides short sales and deed in lieu of foreclosure, mortgage servicers are also increasingly offering first-lien loan modifications to struggling home owners. According to a progress report on the settlement, 7,093 borrowers received first-lien loan modifications, averaging about $105,650 per borrower.<\/p>\n

Source: \u201cBanks Using Short Sales to Meet Robo-signing Obligations<\/a>,\u201d Inman News (Sept. 4, 2012)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Banks Open to Short Sales. To meet the terms of the $26 billion mortgage settlement, the nation\u2019s five largest banks are becoming more agreeable to short sales, Inman News reports. The five banks — Bank of America, Citi, JPMorgan Chase, Ally Financial, and Wells Fargo — have issued most of their relief from the settlement … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-3581","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nBanks Open to Short Sales - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"description\" content=\"Banks Open to Short Sales. 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