Will bank accept less than the amount owed by the homeowner in pre-foreclosure?

Answer

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.
Q&A Related to "Will bank accept less than the amount owed by..."
That depends on the type of mortgage, and how the mortgage was foreclosed. From your question, I am assuming that you were the borrower on the loan, you owned the house that was foreclosed
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In a short sale, a lender agrees to accept less than the amount the owner still owes on the property to pay off the mortgage. The homeowner can then sell the house ...
In a short sale, a lender agrees to accept less than the amount the owner still owes on the property to pay off the mortgage. The homeowner can then sell the house ...
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