Cash For Short Sales

In a recent, but largely unannounced move, some major lenders are not only agreeing to do short sales as a way of ending troubled homeowners' mortgage problems, but also paying cash bonuses to those homeowners as an incentive to the homeowner to proceed. Ranging from $2,000 to as much as $35,000 per deal, the bonuses are not discussed as an available program by the banks, but are awarded on what appears to be a random basis to homeowners as part of their deal on close of escrow. The qualifications thta make one owner able to receive a bonus, and not another, as well as how much of any bonus will be paid have not been announced either. Clearly, paying banks have started a program, and do have a list of qualifications, but, for obvious reasons, they are not making broad announcements of either. Banks known to have such incentive bonus programs so far include Wells Fargo and Chase. Thinking of a short? Curious if your bank hasd such a program & if you qualify, check your lender. But be prepared to be denied on both questions, at least initially. Remember--it's only been very recently that lenders have gradually begun to make getting a short sale approved easier than it had been.
Good luck!