Another Reason Why Lenders Will Work With Short Sales

According to regulatory data provided by SNL Financial, the "big four" U.S. banks had huge amounts of one- to four-family residential loans on their balance sheets and serviced for others, for which the underlying homes were in the midst of the foreclosure process as of Sept. 30:

Bank of America had $23 billion in residential mortgage loans on its balance sheet with homes in foreclosure, while loans serviced for others in foreclosure totaled a whopping $90.6 billion.

For JPMorgan Chase, residential mortgage loans in foreclosure totaled $28.9 billion, while loans serviced for others in foreclosure totaled $54.7 billion.

For Wells Fargo, residential mortgage loans on the balance sheet with collateral homes in some phase of foreclosure totaled $18.1 billion, while loans serviced for others in foreclosure totaled $37.7 billion.

Citigroup reported $6.9 billion in residential mortgage loans in foreclosure on its balance sheet, and $10.3 billion serviced for others that were in foreclosure.

Don Mailey

RE/MAX Results

952-212-0968

Don@DonMailey.com