Short Sales Rise in Popularity with Banks and Underwater Mortgage Holders: Good News for Florida


Bank of America, JP Morgan Chase, and Wells Fargo are the biggest mortgage servicers in the United States, and its big news for Florida and the nation when all three seem to be reconsidering "short sales" as a viable option to a full-out foreclosure of homes that have gone into default. According to news reports this week, "short sales" are now being viewed by the banks as a faster, cheaper, and cleaner way to resolve a mortgage that is not being paid than the traditional foreclosure process - particularly with all of today's Foreclosure Fraud problems.

In fact, short sales may be the answer to many troubled mortgages. The banks are proactively marketing a short sale alternative to many of their borrowers as well as streamlining their own internal procedures to facilitate short sales.

In Barron's this week, an article by Robin Goldwyn Blumenthal entitled "My Kingdom for a House: Coming Up Short?" provides details on the steps that JP Morgan Chase is taking to facilitate short sales. According to Barron's, JP Morgan Chase has begun sending out correspondence to selected homeowners who are delinquent in paying their mortgages and would ordinarily be entering into the foreclosure process.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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