Lenders agree to short sales to stop foreclosure and avoid costly fees

"Stopping Foreclosure through Short Sales"

Homeowners are all to ready to give up on their house when they receive a "Notice of Default" or "Notice of Trustee Sale".  Those terms are simple to understand which means they are putting the homeowners on notice that if they don't square their obligations to the lender, the lender will go through with the foreclosure process.  Lenders want to do whatever is reasonable to stop foreclosure and will help work with owners to avoid it at most costs.

The lender isn't going to bend over backwards but they will review a homeowners situation to determine what  is best for both parties.  Some homeowners are able to modify their loan which is close to a refinance without all the added fees, some tell the owner to deed the property over to the lender and others will get to short sale their house.  All of the ways mentioned are better than an all out foreclosure and have a less impact on a homeownwers credit than bankruptcy.

Short sales are becoming more popular since the foreclosure crisis stuck it's head into the housing market.  Lenders are slashing balances to avoid foreclosure and homeowners are able to walk away from their house and mortgage obligations with minimum risk.  Short sales offer some form of risk to homeowners and lenders but foreclosure on a record is much worst.

Fannie Mae and Freddie Mac look down on foreclosure more than they do a short sale.  Fannie and Freddie will allow a homeowner that sells their house through a short sale qualify for another mortgage in 2-3 years versus a minimum of 5 years for an all out foreclosure.

BofC is a company that buys houses from owners that need to sell their house fast to stop and avoid the costly effects of foreclosure.  It doesn't matter if the homeowner has little or no equity BofC can arrange to purchase their home in most cases.  Homeowners that want more information can click the links below or call 888-219-8619.  BofC can also put owners in contact with credit consultants free of charge.

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