Don't Forclosure, do a Short Sale -Yes Short Sales are a hotter real estate trend right now, after the banks lost millions and millions if foreclosures and started working with distressed home owners. A Short Sale is considered to be "pre-foreclosure" basically, were the lender may take less then you owe for the loan BUT still you "MAYBE" be resposible for the banks losses. http://money.cnn.com/2010/03/29/real_estate/short_sale_explosion/index.htm
I have a house in foreclosure. I have gone through the loss mitigation with Citimortgage 2x and they still turned it over to their attorney with no help from them! It's frustrating! At least I am not alone! Any ideas of what happens at a sheriffs sale?
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