Banks Paying Cash to Homeowners to Avoid Foreclosures

Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe. Here’s the story.

I’d suggest caution for any homeowner that is approached with a settlement offer from a lender. It would be wise to have an attorney review it first to determine exactly how it affects the debt and what rights are being waived.