Our team does a great deal with Colorado Bank Owned properties, Denver short salesand helping sellers who are behind on their mortgage payments. Some of these sellers have legitimate harships - many times these are heartbreaking stories. But all too often, we have people contact us who are trying to "play the system."
Many times those in goverment fail to remember two rules: 1.) Taxing an activities decrees that activity and 2.) Rewarding an activity increases that activity.
If you want to increase the number of people who give up on their homes and walk away, thereby increasing the number of foreclosures, and decreasing home prices, I can think of no better way than to pay homeowners $21,000 each to do it:
Servicers Asked to Consider a $21,000 "Cash for Keys" Option
... The proposal was given to servicers with the intent of revising and coming to a final draft in two months. Nearly half of that time has passed without significant strides, and many are worried that the process could be stalled at a time when a solution is considered necessary for recovery.
According to an article by The Financial Times, the five biggest mortgage servicers in the United States were encouraged to consider a "cash for keys" option for 90-day plus delinquent borrowers that would pay them as much as $21,000 to move out...
Read the entire article.
If you'd like to talk more about Denver HUD Homes or other foreclosures and short sales in the area, give us a call at 303-726-1874.