Why Foreclose, Take Advantage of Doing A Short Sale
Banks prefer you sell your home for less than you owe rather than foreclose. In fact short sales are so prevalent that 17% of all transaction across the country are short sales ending February. America’s largest mortgage servicer has doubled the number of short sales approved. Lenders follow their money and they realize they make more doing a short sale in fact some stats have them making 20% more than a foreclosure. The owners of the home make out too because it shows good faith on their part in solving the problem rather than just dumping it so they not only have peace of mind but also it’s reflects much better on their credit report.
To catch more of the CNN Money Article
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