Bank repossessions declined significantly -- there were 51,415 repossessions last month, down 26% from a year ago, and about half the 102,000 monthly repossessions at the peak in September 2010.
Much of the improvement, however, can be attributed to declines in only a handful of states, especially those that had been hardest hit by the housing crisis and which did not require judicial review of foreclosures.
Banks take a hit on short sales because they forgive the difference between proceeds from the sale and the mortgage balance. But short sales can cost banks less than foreclosures. In fact, several large mortgage lenders are paying out incentives to borrowers who complete a short sale.
On Wednesday,Bank of America (BAC, Fortune 500) said it would give some struggling homeowners payments of up to $30,000 if they sell their homes in short sales. Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) also have similar programs in place.
Author:Kelly Olsen Phone: 201-669-7520 Dated: June 1st 2012 Views: 1,193 About Kelly: Having the right real estate agent means having an agent who is committed to helping you buy or sell...
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