The Value of a Real Estate Agent in a Bank Short Sale Part II

As soon as you have cleared the first hurdle with the negotiator headache, the second major concern in a bank short sale needs to be addressed. Buyer impatience and their general lack of knowledge in the bank short sale process can lead to much undue stress. This problem can be compounded if the buyer is a first timer that is eager to get into a new home. The purchaser can quickly be turned off if they are not on good communication terms with the real estate agent regarding a bank short sale. Often times, even though the Real Estate agent in Tempe, AZ has completed all of the bank short sale paperwork and sent it to the bank, the transactions will still take as many as two additional weeks to complete. Then the bank short sale paperwork will need to be passed on to those pesky negotiators.

Asking for an excited buyer to be patience is a troublesome thing to do. This is especially challenging in current times as the number of bank short sale properties on the market today is ever increasing. Additionally, today’s society takes a “grass is greener” approach to most things. So, they will always consider a better deal may wait around the corner or better service can be had from another agent in a bank short sale. The patience of a potential buyer is a huge hurdle in the bank short sale and should be handled before the buyers even view the properties.

Just for frame of reference, here is an example. Last month, I was in the midst of working through a bank short sale in Tempe, Arizona that involved a property which was potentially going to sell for eighty thousand dollars less than comparable homes in the area. However, because it was a bank short sale, there was going to be a waiting period of as long as three weeks. The buyer was excited about the potential of the home for her and was overjoyed that is was in a condition that it could be immediately moved into without any changes or renovations. However, the buyer was under the impression that they should not have to wait for more than two days for a response, completely ignorant of the bank short sale process.

I decided to take a gamble and tell the buyer that this bank short sale process wasn’t necessarily for her because the bank does not care if you NEED a response in two days. The bank could care less about your dream home. However, if she was wiling to understand the bank short sale process and allow me to devote the time and energy to it, she would eventually get the home she desired. After some normal waiting in the bank short sale process, she was able to purchase the home and will close on it in a few weeks. Using a honest and direct approach to the buyer regarding the bank short sale process helped her understand the need for patience in completing a bank short sale.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Use Short Sale to Stop Foreclosure Sale

A home owner in Scottsdale, Arizona who can not “pay the rent” has several options to stop foreclosure sale that they may not even know are available to them. The purpose of this writing is to give you some ideas as to how you can stop foreclosure sale. What are, in fact, your options? And, which of these options is the best possible scenario for you to stop foreclosure sale. If you gain nothing else from this article, please be aware that you CAN stop foreclosure sale of your home. Knowing the variety of options that are available to you as early in the foreclosure process as possible is one of the keys to help you stop foreclosure sale. Much like any other problem in life, early intervention is keenly important.

The first option that we would like you to consider when trying to stop foreclosure sale is to contact your mortgage lender directly. It is very possible that the mortgage company will be willing to hold off on foreclosure to give you, the home owner, more time to find a solution to your financial problems. This process isn’t so simple as calling them and saying “Don’t worry, I’ll pay the bill.” It will, more than likely, take a solid plan for the future to ensure that you can stop foreclosure sale. They may be willing to modify your existing loan or extend you a helping hand with a foreclosure bailout loan.

The second option to consider in the movement to stop foreclosure sale, is to get the government involved. They don’t care to see home owners in Scottsdale, AZ lose their homes and they have no business interest in your home. So, at times, they can be an aid to resolving the situation and help stop foreclosure sale. Check at the courthouse for a government entity that can help you out with this. As foreclosure becomes more and more a problem, government is much more willing to point you in the right direction or lend a helping hand to help stop foreclosure sale.

The third, and WITHOUT A DOUBT THE BEST, solution is to consider the short sale of your home. A short sale is simply the best option because it is a winning situation for you and for the mortgage lender. Basically, to stop foreclosure sale, you will sell your home for less than what is currently owed on the mortgage note. The bank, acting in the best interest of their business, will then agree to take that lesser amount and forgive the remaining balance of the note. Why would they do this you say? This short sale process gives the bank the chance to recover more money toward the defaulting mortgage than a foreclosure sale would give them. So, you have managed to stop foreclosure sale, and kept your credit in tact too. You will be primed to purchase another home, if you choose to do so, in the near future. Where as, with a foreclosure, many lenders will not borrow you money for a new home for up to seven years.

The short sale, in summation, is the best option for those trying to stop foreclosure sale. Check in to the short sale option with a real estate professional and we think you will agree.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Short Sale best Option to Avoid Foreclosure

If you are in an upside down mortgage (a mortgage that is worth considerably more than your home) you might have considered giving up. However, once you come to your senses, you will probably decide that you would like to avoid foreclosure. Allowing your home to be foreclosed on is rarely the best decision and can harm your credit score and the future ability you have to get a loan from a bank. So, please be aware that there are lots of choices and paths to take if you want to avoid foreclosure.

There are two things to consider if you want to avoid foreclosure. Do you want to keep the property in Queen Creek, Arizona or do you just want to get out of the loan that you are currently involved in.

For those of you that want to avoid foreclosure and would like to keep the property, here are some of your choices.

-Do Nothing at all. Simply stay in your home in Queen Creek, AZ. If you don’t have a need to move and are comfortable staying in a home that is worth well less than your mortgage, just stay put.

-Another option to avoid foreclosure, rent out part or all of your property. If you can afford part of the payment, maybe rent is the right option for you.

--The third option to avoid foreclosure is refinance. If you refinance, you can get a better payment plan to fit your budget.

--Loan modifications for people that want to avoid foreclosure are popular. There are government programs that can help you out.

--consider forbearance if you want to avoid foreclosure. Your lender doesn’t want to foreclose either, so they make consider a little leniency

For those that want to avoid foreclosure and want to get out of the loan and property.

--Sell the property. If you have equity, maybe you can avoid foreclosure and sell it. Get a real estate professional to check on your homes value so that you know what is ahead of you.

--Consider a deed in lieu where the bank gets the house bank and helps you avoid foreclosure.

--The worst option, bankruptcy, to avoid foreclosure. Really, we hope this isn’t the option that you choose. However, if you think this might be a possibility for you, contact a professional that deals with bankruptcy.

--The easiest, AND BEST way to avoid foreclosure is the short sale. The short sale allows you to sell the property and pay off the loan at a discounted rate. The short sale is, absolutely, the best way to get out of your property. Look into the short sale to avoid foreclosure today.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Bank Short Sale A Good Option For Lenders and Home Owners

The bank short sale is one option that lenders in Tempe, AZ are willing to offer to certain home owners that need help keeping their home from succumbing to foreclosure. Even thought the process is a bit difficult to maneuver through, the bank short sale can offer people struggling to pay the mortgage a much needed break from the financial burden of owning their own home and the responsibility that goes with it.

Bank short sale homes and properties come in a variety of different price ranges and sizes. People who utilize the bank short sale come from different backgrounds and situations that lead them to need a bank short sale. Mortgage lenders have the ability to give the bank short sale option to single family residences, condo dwellers, and even those struggling with their commercial real estate or bare and vacant land. When borrowers can not keep up with their mortgage payments and can not find the financial windfall or means to get back to current on their mortgages , the bank short sale becomes a valuable tool that lenders might offer to property owners.

The bank short sale requires the bank or mortgage lenders approval. The bank short sale is usually handle by a banks loss mitigation department in Tempe, Arizona, as they have the most experience with a bank short sale. The bank short sale means that the home owner sells the property for less than the current mortgage loan is worth.

In most cases, a lender requires that a bank short sale is taken care of by a licensed retailer. In some rare occasions the bank will allow the home owner to hand the bank short sale by themselves. Usually, the bank short sale has to sell within a certain period of time that is set aside by the bank.
Not all banks prefer to use the bank short sale as a means to cope with this financial situation. Those that do allow the use of a bank short sale usually have very stringent rules that must be followed through each step of the process. If the home owner doesn’t follow these rules, foreclosure can be imminent.
Real estate experts agree that foreclosures cost banks an abundance of unneeded fees. By using the bank short sale, the bank can avoid these fees and recoup some of their losses. They also manage to avoid the legal fees and process that goes along with foreclosures.

For home owners facing foreclosure, a bank short sale can be the best option to a bad situation. While the borrower doesn’t get to keep their home, the bank short sale does help the home owner out of the financial burden. The bank short sale does have a small negative effect on a credit score, but doesn’t do nearly as much damage as a foreclosure does.

As soon as a lender allows a bank short sale, the borrower must give the lender information about tax returns, and a bank short sale hardship letter. This letter, for bank short sale hardship, is very important because it tells the lender why the home owner can not make payments.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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The Best Solution to Stop Foreclosure Sale

Do this RIGHT NOW. Make a detailed list of exactly what you owe. Then make another list of all of the assets you have and the ways that you have of making money to pay off the list of what you owe. The first step in trying to stop foreclosure sale in Phoenix, AZ is understanding where you are and where you need to be in order to stop foreclosure sale in Phoenix, Arizona. Your mortgage company, if you tell them that you want to stop foreclosure sale, can tell you exactly how much you owe them in order to rectify the financial problem. It may take them a few days to come up with the numbers, but they want you to be able to pay the mortgage too!

Examine those two lists that you made. Is it really possible for you to stop foreclosure sale? Wouldn’t you be in a lot better situation if you could just find a way to get out of the current mortgage that you are in? What if you could sell your house and not have to worry about the outstanding debt that you have incurred through not paying the loan which brought you to foreclosure and made you consider how to stop foreclosure sale?

It took some very clever people thinking in ways that most people do not think to come up with a solution to how you can stop foreclosure sale. What they came up with was a process that has now become widely accepted as the best case scenario for all parties involved. Bear in mind that it is not a great situation for anyone. However, it is the best situation for anyone that is working to stop foreclosure sale. Furthermore, it is the best situation for a bank that, contrary to popular belief, also wants to stop foreclosure sale.

The solution is a real estate tactic known as the short sale. It is, as we said previously, a growingly common process to help people stop foreclosure sale of their homes. It works like this. The short sale allows you, the home owner, to put your house on the market. Find a buyer. Go to the lender and tell them that the sale price, while it won’t cover the loan amount, is the best price you can get for the home. Then ask them to forgive the remaining balance of the loan. They will, in many cases, agree to do this. Why? Because they will be getting more from the sale of the home than they can if they have to foreclose and sell the home. Also, they will not have the headache and fees that come with you trying to stop foreclosure sale.

Some bright people thought outside the box and came up with a way to stop foreclosure sale by creating the best situation out of a bad situation. You should take advantage of their wise thinking.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Timing is Critical: Stop Foreclosure Sale

To best prepare yourself to stop foreclosure sale of your home in Gilbert, Arizona, you need to be aware of several different things that are important regarding the foreclosure sale date. The first thing that you may not be aware if you are trying to stop foreclosure sale, is that the sale date is not chosen by your mortgage company. The court decides when the sale date is. Often times, despite the fact that you are trying to stop foreclosure sale of your home, the state law determines when the sale date will be. State websites and local county courthouses are a good place to start if you are looking for information on how to stop foreclosure sale. Either the internet, the phone book (look under government listings), or the courthouse should be able to give you a phone number that will lead to some answers as to how you can stop foreclosure sale of your home, how much time you have, and what needs to be done.

The second thing to consider and is important to know is that the mortgage lender or bank lender can have their lawyer request that the sale date be delayed by requesting a continuance. This is not a stop foreclosure sale, just a small set back to the sale of your home. The mortgage lender will often file for a continuance if you show that you will try to work on a solution to the problem with them. Remember, all they want is the money. So, sometimes, you will be able to find an amicable solution. That would be the best way to stop foreclosure sale, by working with the lender to find a solution that fits both your needs and their needs. Several people have successfully delayed the sale multiple times by having the lender file for a continuance. This delay helped those people in Gilbert, AZ to stop foreclosure sale completely eventually.

Now that you have a little more insight as to how the foreclosure process works and who is determining the sale, you might be able to successfully delay the sale, but how can you stop foreclosure sale completely? Often times, once the process has started, it is tough to stop foreclosure sale. The mortgage company can withdraw from the foreclosure, but that isn’t likely. So, consider this alternative when you can not pay your mortgage…..the SHORT SALE!

The short sale is a great way to stop foreclosure sale. You can get the entire mortgage paid off buy a new buyer. If the home sells for less than the mortgage, the lender may forgive the remainder of the loan. So, while you stop foreclosure sale, you don’t get to keep the home. However, you do get out of a giant piece of dept and you keep your credit in tact.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Stop Foreclosure Sale Before It Starts

There are numerous rumors and ideas in Phoenix, Arizona as to how you can effectively stop foreclosure sale. Some people will tell you to declare bankruptcy in order to stop foreclosure sale, but this is only effect in some states. Also, the states that allow you to stop foreclosure sale with bankruptcy filing don’t give you the full truth as this will often times only delay the time that you may lose you home. Other experts out there cling to the belief that clever legal tactics can stop foreclosure sale, but once again, this is just a delay to the inevitable sale of your home. The truth is, as soon as the bank has foreclosed on your home, it is not your home anymore. There are certainly ways to regain possession, but foreclosure means that a judge has already ruled the property now belongs to the lender.

If you were to elect the bankruptcy route to keep your home, there is a possibility that you can have your loan considered for repayment in Phoenix, AZ. Then you and the lender would agree to a new payment schedule. Obviously, bankruptcy has some seriously negative consequences though. Your credit and ability to buy or do many things in life will be tarnished for at least seven years. Generally, bankruptcy should be a last resort. And we assure you, it is not the best option, nor is it even a good option to consider.

If your home has been foreclosed on, there are still options available to you to stop foreclosure sale. However, to stop foreclosure sale is a very difficult thing to do. Essentially, the power to stop foreclosure sale is in the hands of the lender or in some rare cases, a judge.

Basically, what we are trying to impress on you is that you do not want to be in a position to have to stop foreclosure sale. The key is to find a solution before you every have to figure out how to stop foreclosure sale. Foreclosure, or impending foreclosure, is often the result of your inability to pay the lender. So, chances are, without your aunt passing away leaving you a large sum of money or winning the lottery, you will not be able to make the loan current to stop foreclosure and in turn, stop foreclosure sale.

So, quite simply, there is one quality option available to you to stop foreclosure sale. Do not allow the lender to foreclose. How can you do that when you can’t pay the lender? Find someone who is knowledgeable in short sales. The short sale is the SINGLE BEST OPTION available to you.

In a nutshell, a short sale is when you, as the home owner, put your house up for sale at a price for less than the value of the loan. Next, find a buyer at the lesser price. Then, the real estate expert works with you and the lender to convince the lender to take the lesser amount and forgive the remainder of the loan.

Why would the lender take a lesser amount and forgive the remainder of the loan? Because, lenders understand the economics of the situation. They realize that if they foreclose on the home, they will incur more cost and also get a lower price when they sell the home at foreclosure. So, it is in their best interest to take the offer that you are extending to them.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Options to Stop Foreclosure Sale

Having the ability to stop foreclosure sale when the bank, lender, or mortgage company that you work with refuses to be flexible can be a challenging, if not daunting, task to undertake. However in Gilbert, Arizona, there are still ways to stop foreclosure sale of your home despite the mortage lender’s uncooperative attitude toward your current financial problems.

Do you realize that there are other options in Gilbert, AZ available to you in order to stop foreclosure sale? If the lender will not work with you to stop foreclosure sale, look into the state laws regarding home ownership. See if you have a right to cure period or a right to redeem period. A right to cure, in order to stop foreclosure sale, means that you pay all of the money you owe to make your mortgage current, including fees. While these rights vary from state to state and even from county to county, it is normal and possible that you need to file the paperwork at least 2 weeks before the foreclosure sale date. The cure process should only be a few simple pieces of paper to fill out. Then, in order to stop foreclosure sale, you will get a response from the mortgage lender or bank telling you how much money you owe them. They are required, by law, to show you that figure. So, don’t allow them to hide it from you.

A right to redeem is also possible, depending on the state you live in. However, with a right to redeem, you will not be able to stop foreclosure sale. You will still have the ability to get your home back after the foreclosure sale. With a right to redeem, you need to come up with all of the money to PAY OFF your entire mortgage. So, this option isn’t really user friendly because if you had the money to pay off the mortgage, you probably wouldn’t be watching your house get foreclosed on and you wouldn’t be trying to stop foreclosure sale. As previously stated, this option is not always available in your state. Be sure that you check with your state to see if the right to redeem applies to you.

Another option to consider is finding an advocate to help you stop foreclosure sale. HUD approved counselors can sometimes help you stop foreclosure sale. They have experience that you may lack and might know of another option that is available to you.

Perhaps the best choice to stop foreclosure sale is to find a real estate professional that can help you with a short sale of your home so you can stop foreclosure sale. Short sale is a good option for someone that doesn’t want to be left with nothing. Any time you have the opportunity to keep your credit in tact and stop foreclosure sale, you should probably take it. While a short sale often means that you will have to move out of your house, you will at least have other options available.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Choose Short Sale over Stop Foreclosure Sale

If you are in the unfortunate position that your home in Phoenix, Arizona has been foreclosed on, there are very few options to stop foreclosure sale. The easiest way to stop foreclosure sale is to stop the foreclosure is before it is ever finalized.

Due to the fact that millions of Americans are worrying about how they will stop foreclosure sale, the feds in Washington are rolling out lots of ideas and programs to help you stop foreclosure sale and keep you in the home that you are in. Many times you should talk to your mortgage lender first to see if there is anything you can do to stop foreclosure sale. It is sometimes possible to modify your existing mortgage loan to make the payment terms more comfortable for you. In rare cases, lenders in Phoenix, AZ will sometimes allow you to simply add the missed payments on to the end of the loan. However, chances are that you face the quandary of how to stop foreclosure sale because you can’t make the payment at all. So, if this is the case, adding the payment to the end of the loan just won’t help.

Look into the details of your mortgage agreement to see if you have a right of redemption. While this will not stop foreclosure sale of the home, it may give you an extended period of time to get your financial situation out of disarray and get you back to making payments in a timely manner.

However, the most preferential way to deal with foreclosure and to stop foreclosure sale is to not reach foreclosure at all. You know whether or not your financial situation can be rectified. If your situation has positive outcome in the foreseeable future, the best case scenario instead of trying to stop foreclosure sale is to sell your house before it is foreclosed on.

Sometimes, the concern with a home owner is that the house will not get enough money to pay off the existing mortgage. In cases such as this, the lender might agree to a short sale. A short sale is where the lender agrees to take what ever they can get from you selling the home. Then, they give you a pass on the remainder of the mortgage note.

With a short sale, obviously, you will not be keeping your home because you have just sold it. However, you were able to stop foreclosure sale, because you never had to face foreclosure. The bank allows you to get out from under a debt that you can not repay. Furthermore, your credit is not tarnished as it would be with a foreclosure. So, you are free to find a new home that is more suitable to your financial abilities at the time.

The short sale helps you stop foreclosure sale before you ever face foreclosure. It is the best option for a bank that wants to get the most from the sale of the home and a home owner who can no longer pay the mortgage.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Foreclosure is not an option. How to stop foreclosure sale

The last option that a home owner in Mesa, Arizona wants to face when they need to give up their house is foreclosure. Many house owners that can not keep up with their payments feel that foreclosure is the only option available to them. They stop talking to the mortgage company and leave the house, or sometimes stay until they are forcibly removed from the premises. Little did they know that foreclosure is not the only option available. There are many different avenues to take in order to stop foreclosure sale.

Mortgage lenders in Mesa, AZ would prefer that you give the house back, so that they do not have to take it. Taking the house from you costs them extra money. So, while they won’t help you stop foreclosure sale, they would really prefer that the foreclosure process never gets started. The mortgage company would prefer something better than selling the house at foreclosure sale, giving them only a fraction of the houses value. So, in some respects, the mortgage company wants to stop foreclosure sale before you are ever even considering it. Occasionally, the mortgage company will choose to consider a deed in lieu, but there are better ways to stop foreclosure sale. Some of those ways are not widely known.

The short sale is a great option for people that want to stop foreclosure sale. While it is not good that you are considering a short sale or need to stop foreclosure sale of your house, it is THE BEST OPTION for someone that wants to stop foreclosure sale. Essentially, you are already in a bad situation and the short sale is the best option available to you to stop foreclosure sale. Your chances of buying a home in the future are much greater if you utilize the short sale. This is true for several reasons. First, the short sale does very little or nothing at all to damage your credit. Secondly, most mortgage companies will not want to loan money to someone that has had a house foreclosed previously within the last five to seven years. That is why it is so important to stop foreclosure sale. With a short sale, you will have the opportunity to purchase another home based on the same criteria that you purchased your first home, namely you income and your credit score. This puts you in a great position for the future if you intend to buy a home again.

Basically, a short sale works with two scenarios. The home owner, who can not pay their mortgage anymore, finds a buyer of for the home. The purchase price is not enough to cover paying off the existing mortgage. However, because the bank is going to lose money on the home, they will take the offer because they get more from the short sale than they would if they had to foreclose on the home. The lender reduces the balance of your mortgage to pay it off with the sale of the home.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Don’t Just Pack Up and Leave, Stop Foreclosure Sale

Many times, home owners hear the word foreclosure and think that there is no wait out. So, inevitably, they choose to give up. They pack up all of the belongings that made their house a home and consider it a lost cause and that there is no use fighting to stop foreclosure sale. The real truth is that they could have the option to stop foreclosure sale or in the worst case scenario, they could at least stay in the home until it is sold at foreclosure. There are other options available in Gilbert, Arizona to stop foreclosure sale that many people are not aware of.

Doesn’t it seem a bit silly to pack up and leave if there is still a chance that you can stay, stop foreclosure sale, and win? In most states, you have the ability to stop foreclosure sale. Although every state and every mortgage company handles these situations a bit differently, most have options to stop foreclosure sale. You need to do some research to see what options are available to you. Many governing states or mortgage companies will let you make good on your mortgage until as late as an hour before the sale of your home. So, because you don’t know what the future has in store, you may be able to stop foreclosure sale at the last minute. No matter whether you are paying off the back payments and fees that you owe, paying off the entire mortgage, or finding another suitable option to stop foreclosure sale, you can stop the foreclosure sale at the last minute. Do not give up!

Many times, there are companies and entitites in Gilbert, AZ that can help you stop foreclosure sale. You just have to find all of the options available to you. The bank wants to recover their money, which is why they foreclose and sell the house. However, their goal is to recover as much of the lost money as they can. So, if you and they can find a better option to getting them some money, the mortgage company will usually listen. This desire to recover money that exists with your mortgage company can help you stop foreclosure sale. The mighty dollar is also the reason that a short sale can be in the best interest of both you and the lender.

A short sale will give the mortgage company the most money towards recovering their debt and help you stop foreclosure sale. Essentially, a short sale will help you stop foreclosure sale, because you have found a buyer for the home. That buyer will pay more for the home than the mortgage company will get by selling it at foreclosure. So, you have found a way to stop foreclosure sale. The bank will usually take the selling price over the option of a foreclosure sale so that they lose less money. In turn, while you stop foreclosure sale, you also have the ability to purchase a home in the very near future because you have not tarnished your credit score.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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