Why would a lender consider a short sale or loan modification?
A. Lenders are not in the business of buying and selling real estate, and now, more than ever, are upside-down just like you may be. In fact, its expensive and time consuming for them to foreclose on your property. In order for them to protect their charter, especially in difficult market environments, they must do what is needed to minimize their losses. Therefore, lenders have established short sale, loss mitigation departments. In many cases a preemptive offer or attempt to sell your property, even for less than you owe, will actually be a better option for the lenders. Contact us for a No-Cost consultation.
