Stop Foreclosure Sell - Selling You House Prior to Foreclosure?

Author: Hector Milla

Author: Hector Milla

Foreclosure is a major credit problem. Aside from being an emotionally upsetting time for you and your family, it's also going to ruin your credit for years to come. If you've tried every possible avenue available to you to avoid foreclosure and you still can't find a way out of it, then you may be able to negotiate for a short sale. Natalia Osorio Editor of the "Stop Foreclosure Loans" website -- http://www.StopForeclosureLoans.org -- pointed out; Short selling is term given for selling your home prior to foreclosure with the agreement from the bank that they will accept sale proceeds that are lower than the amount you owe to them. This means if your mortgage is higher than the amount you sell your house for, the bank can negotiate with you to be an acceptable alternative to a foreclosure Banks don't like foreclosing on customer's homes. Not only does it cost them money in legal fees and repossession costs, but they're likely to lose money on the amount outstanding on your mortgage as well. A short sale simply reduces the total amount they stand to lose in the long run. For this reason, many banks will happily allow a loss mitigator to negotiate with you to learn exactly how much money they stand to lose as compared to having to sell a house they don't really want. After all, banks aren't in the real estate business. They're in business to lend money - and to get that money back. So if you really don't see any other ways to get yourself out of an imminent foreclosure situation, then you should seek professional advice immediately to see if you're eligible to negotiate for a short sale agreement with your bank N. Osorio added. Further information about how to get professional assistance with a mortgage loan modification by http://www.StopForeclosureLoans.orgAbout the Author:

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

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