Why Would My Lender Agree to Take Less Money?

The foreclosure process can be very lengthy and costly for the bank. It can also be very frustrating and emotionally draining for the Seller. Many home owners who can no longer afford to keep mortgage payments current find that a short sale is the best alternative to bankruptcy or foreclosure proceedings. It may also possibly save their credit from total disaster. When lenders agree to a short sale in real estate, they are betting that they can avoid a lengthy and costly foreclosure process.