SOURCE: The Mortgage Law Group

The Mortgage Law Group

March 05, 2012 17:05 ET

New Trend Has Banks Offering Incentives for Short Sales, Homeowners Confused

The Mortgage Law Group Draws on Experience to Help Explain Why Banks Are Offering Incentives for the Short Sale of Underwater Properties, Rather Than Foreclosing on Them

CHICAGO, IL--(Marketwire - Mar 5, 2012) - Recent trends by banks offer borrowers incentives for giving up their homes through short sales has many homeowners and real estate agents puzzled.

The Mortgage Law Group has worked with thousands of homeowners in financial distress and says there are many reasons why banks would want to pursue short sales over foreclosure.

Banks have started to back short sales over foreclosures because foreclosing on a home typically costs more time and money than a short sale; as many borrowers will try to fight the foreclosure and subsequently cease payment on their loan. Through a short sale the bank ensures they will receive payment on the property while also clearing the homeowner's debt.

For banks, having their name tied to a string of foreclosures is bad publicity, not to mention the negative economic effects that foreclosures can have on a community.

The attorneys at The Mortgage Law Group have experience in assisting clients with short sales and other forms of foreclosure defense. They strongly encourage any homeowners in financial distress to seek help today.

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About The Mortgage Law Group:
The Mortgage Law Group is one of the most sophisticated consumer protection law firms nationwide. They've helped thousands of consumers save their homes and restore their lives. With offices located throughout the country, the firm's goal is to deliver outstanding service from highly qualified mortgage relief attorneys.