A Sarasota woman and her foreclosure attorney have been fighting to keep her home since 2009, when the banks offered her a deal that is hard to refuse.
JP Morgan Chase offered to let Deborah what seemed to be an unbelievable deal, especially since they had previously denied her the opportunity to keep her home.
Their proposal would allow Johnson to sell her house for less than it was worth, then they would forgive the balance of her loan, and she could walk away with $35,000. Jonson thought that this was a scam and contacted the bank, who confirmed that it was a legitimate deal.
Even real estate agents find that it is an incredible deal, and unprecedented. The bank, however, will not offer this to every person who faces foreclosure, only certain types of loans are eligible for this type of offer, and Florida courts are tied up with a large number of foreclosures.
According to a foreclosure lawyer, this type of offer actually saves a bank a great deal of money in legal fees necessary to litigate a foreclosure. It also relives the increasing stock of distressed homes that the banks are holding. The banks also make a bigger profit on a home that hasn’t been sold at auction. So it’s a win for both sides.
Not all people will get such unbelievable propositions from their lenders, and will still find it necessary to fight for their home alongside a foreclosure attorney.
