Banks favor short sales over debt forgiveness

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Banks favor short sales over debt forgiveness

Banks favor short sales over debt forgiveness

Palm Beach Post-

Florida homeowners have received more than $3 billion in mortgage relief and benefits from the nation’s five largest banks since a landmark settlement was signed in March to atone for foreclosure-related offenses.

But the majority of the banks’ debt forgiveness has come in the form of short sales, a gesture that homeowner advocates say doesn’t match the goal of the agreement, which was to keep borrowers in their homes.

More than $2.2 billion, or 63 percent of Florida’s total take so far from the settlement, has been in deficiency waivers for short sales, according to quarterly progress reports submitted this week to settlement monitor Joseph Smith.

A short sale is when a lender agrees to take less for a home than what the borrower owes on the mortgage. Banks can still pursue borrowers for that unpaid debt, unless they waive that right in the deal.

[PALM BEACH POST]

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One Response to “Banks favor short sales over debt forgiveness”

  1. Charles Reed says:

    Sure bank favor short sale because it get the homeowners to sale their properties that the lender can even prove they own the debts that are alleged!

    We have the proof to show that the parties bring these foreclosure acting in ever single FHA & VA loan that was pooled could not have been foreclosed, and on every single case I can show the common thread that runs through each of the 800,000 that were illegally foreclosed as a part of the HAMP program.

    You got a situation where banks and Ginnie Mae are wanting it both ways as far as who owns what, however it is a fact that neither owns a debt because they slicked themselves out of having a debt owned, as the banks signed blank endorse Notes and for free handed them over to Ginnie Mae. This will go down as the stupidest thing ever.

    I am waiting on my time to present to the world actually what happen!

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