Banks Giving Money to Delinquent Homeowners?

12 Feb

What’s wrong with our system right now? People geting paid for not paying. Take a few seconds to digest, people getting paid, for not paying their mortgages. It’s happening now because of the tight federal regulations being set forth as everyone wants to make themselves getting kicked out of their home that they couldn’t pay for, a front page headline. Sadly, it makes sense for the bank.

Tom Kelly from Chase Manhattan Bank told us that “it really makes sense, if we offer you even 5% of what the house is worth to get you out, then we can hopefully retrieve our 95% with the owner’s cooperation.” When the homeowner gets this in the mail, they can’t believe it, because most people want to re-modify their loan and get turned down by their bank. So when they receive a letter in the mail stating, “Hey here some money of you leave and cooperate!”, they can’t help but think it’s a scam. One unnamed California resident said, “when I got the offer it was so unbelievable I had to call and ask.”

What this means for you?

All the banks are doing it, so if you are behind on your payments give your bank a call and see if they have a check waiting for you.

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