Posted by Barlow on 8/9/2006, 1:09 pm, in reply to "Forecloser"
216.134.171.48
Have you gotten your Notice of Default yet? They usually take about 3 month to get sent out. If you have not, you still have some time. I have to disagree with George. It is important to contact your lender. You will need to negotiate a short sale with them if the market has declined in your area. You may even have to call an attorney or a Realtor to help you with this. I have done a few short sales and been successful with them, but they take time and you need to be able to find the correct person to talk to at the bank. I had one where they even paid the homeowner $1,000 just to move out early so I could market the home and get it sold asap. This is because the per diem and attorneys fees start ticking away and adding onto your loan balance. If the market has slowed in your area and you owe more than the property is worth, you will need to ask the bank if they will take less on their payoff. This is the definition of a short sale.
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