Simply, it’s usually better for the bank. Generally foreclosure homes take thousands of dollars in attorney fees to foreclose on, quite often are left neglected and left unattended for months on end and usually sell for less than a "short sale" would sell for. A “short sale” will usually have the home owner living in and taking care of the home up until the day of closing and because the home is often in better condition than a comparable bank owned property it will sell for more. Add that to the lack of foreclosure attorney fees and you can see why this would make financial sense for a bank left with limited options for a seller unable to pay their mortgage.
For more information on "short sales" please check out TheAistropTeam.com.
The problem of foreclosure is rampant worldwide. It happens when the borrower can no longer pay his obligations to the lender. His properties will become property of the lender. As his properties are his collateral, it will be hold. If not given immediate action, the lender will enjoy his properties.
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