Get Short Sale Help and Avoid Foreclosure
Short Sale Help is readily available on this website and from government sources too. Consumers are encouraged to make use of short sale help like this, and use it to avoid foreclosure. Short sales are deals involving mortgaged real estate in which it exchanges hands below the outstanding balance owed - make sure that you obtain bank permission first, or else you might still owe the rest.
Foreclosure short sale works typically work this. An underwater homeowner (perhaps advised by a bankruptcy attorney) obtains an offer for their home at market value, which is lower than what they owe the bank. The householder gets permission from the bank to proceed with the sale, on the basis that the bank will forgive the difference. When the deal is complete, the home does not become bank owned, although the family does lose the rights to occupy it. At least they do not have to go through the bankruptcy courts, though, and their credit record is only slightly dented.
This process differs from loan modification in many ways, and should not be confused with it. In the latter case, terms of loans are softened, and the borrowers may keep their homes. If possible, do not to advertise homes for sale when the market is depressed - it is better to negotiate a loan modification while prices of apartments, houses and condos are so low.
Knowing what is a short sale price a lender may accept is not always easy to determine. This is because banks would like to get as much money back as possible. If a short sale buyer is a speculator, they often know how to twist even a big bank's arm. They also have the money to make payment soon. Banks know this, and may agree a cheap price for short sale help.