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Why Foreclosure? You Do Have Options To Avoid It In Rio Verde
Although we no longer see the levels of Short Sales that we did a few years ago in Rio Verde, Notices of Default continue to be issued, meaning that yet another Rio Verde property is on the path towards foreclosure at auction on the courthouse steps.
 
Suzanne and I wonder why the owners would allow the property to go to foreclosure, rather than investigate alternatives that may be mutually beneficial to themselves and their lenders.
 
Not all properties heading for foreclosure are necessarily "under water" - which theoretically means they could be sold via a "traditional" sale rather than a "short sale" - but circumstances may mean there are other liens attached or other factors that inhibit or prevent the owners from selling the property - whether or not it's a short sale.
 
Short Sales are "regular resales" with one big difference.
 
Your lender(s) must agree to accept less than the amount(s) owed on your loan(s).
 
 
While there are many details regarding Short Sale Seller financial circumstances and the hardship they face, the bottom line is that most lenders prefer to stop foreclosure in favor of processing a Short Sale where the Seller is able to procure a Fair Market Value contract for their home.
 
After all, why ... more

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