Re: Foreclosure
Posted by Ralph on July 31, 2007 at 19:41:22:
In Reply to: Foreclosure
Posted by Brenda on July 31, 2007 at 08:03:45:
There are many alternatives, most of which are discussed on this site. Consider selling your house. If the market is soft in your area, talk to the bank about a short sale. A short sale is a sale of your house for less than is owed the lender. The lender agrees to accept the "short" amount as payment in full. (There are tax consequences for debt forgiveness.) If you don't get an offer on your house, talk to the lender about a deed-in-lieu of foreclosure. Essentially, you walk away from your house and the lender agrees not to foreclose. If you need time to sell your property or to consider other alternatives, consider asking your lender for a forbearance agreement.
This is a quick snapshot, there is plenty of information available here and elsewhere on the web.
Ralph Oliver Thompson
www.dreamsforeclosed.com
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