preforeclosure short sale

Posted by SpecialCareRealtor on June 17, 2005 at 06:28:24:

In Reply to: foreclosure vs bankruptcy in PA - best choice? posted by gina on June 16, 2005 at 17:53:40:

You want to avoid a foreclosure, or bankruptcy. Before accepting a DIL, the mortgagee will likely require that you attempt to sell the house at it's as is fair market value... as you simultaneously request that they consider a preforeclosure short sale... meaning that they would accept proceeds from sale as payment in full if you were able to document your hardship, and were willing to participate in an arm's length transaction.

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: You want to avoid a foreclosure, or bankruptcy.  Before accepting a DIL, the mortgagee will likely require that you attempt to sell the house at it's as is fair market value... as you simultaneously request that they consider a preforeclosure short sale... meaning that they would accept proceeds from sale as payment in full if you were able to document your hardship, and were willing to participate in an arm's length transaction.

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