Should I Defend The Foreclosure If I Owe More Money Than The Property’s Market Value Is Worth?

Should I Defend The Foreclosure If I Owe More Money Than The Property’s Market Value Is Worth?

There are many possible solutions in a case where the market value may be less than the amount owed under your note and mortgage. Many times the banker financial institution will accept a deed in lieu of foreclosure in order to resolve the matter. Basically, this is an agreement whereby the owner will agree to transfer the deed to the lender in exchange for a final resolution in satisfaction of the mortgage debt.

Short sales have become more common in recent years. Basically a short sale is again an agreement whereby the bank will agree to accept less than the full payoff from a proposed closing, in order to limit their losses and avoid delays which could be presented in the litigation process.

So long as you are being properly defended, time is on your side