Banks Now Prefer Short Sales Over Foreclosures

According to research from real estate analytics firm Corelogic, short sales have tripled over the last two years and are expected to rise another 25% by the end of 2011. The Corelogic analysts report that banks appear to finally believe that the short sale is the lesser of the two evils when compared to the other alternative, which is foreclosing on the defaulted mortgage. It has recently been reported that the incentives that some major lenders such as Chase and Citibank are offering to their borrowers to consider short sales have been becoming increasingly enticing. It has been reported that Chase has offered up to $35,000 to certain borrowers , while Citibank has been offering $12,000 to help borrowers move. If you are considering selling but are faced with a potential short sale scenario, this information confirms that your chances are now greater not only to accomplish the sale of your home but to walk away with some money from the transaction.

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