Will bank accept less than the amount owed by the homeowner in pre-foreclosure?
If you are facing foreclosure, you can authorize what is called a 'short sale,' which is where you're selling the house, and accepting less money than what is still owed on it. Ultimately, it is up to the bank whether or not they accept the short sale, though. A short sale can typically take anywhere from 3-9 months to be finished.
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