Banks Paying Homeowners Up To $35,000 To Sell Houses, Avoid Foreclosure!

Some struggling homeowners are getting paid by banks to sell their houses and stave off foreclosure.

Many banks, including JPMorgan Chase, are offering delinquent borrowers as much as $35,000 to sell their houses for less than they owe on them, Bloomberg reports. Some banks are finding the transactions to be more cost-effective and efficient than the complex and multi-stage foreclosure process.

The attempt to clear the deluge of delinquent properties awaiting foreclosure echos others, including so-called “cash for keys” programs in which banks pay homeowners and renters to vacate their homes without an eviction.

Banks have had to get creative in dealing with a massive foreclosure pileup that confronts them. Overall, foreclosure filings fell dramatically last year in large part because banks were hesitant to rush the process, after investigations into robo-signing practices, which sped up foreclosures, indicated abuse. The foreclosure process now takes nearly triple the amount of time that it did in 2007, according to LPS Applied Analytics.

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