One thing that all homeowners have in common is they are fully responsible for the fate of their home. Some homeowners make the decision early on in the foreclosure process that they are interested in relocating, and look to sell their home.
Lenders, aside from your own lender may suggest, and even offer you, a way to sell your property. Even your own lender may mention the possibility of a short sale in order to avoid a foreclosure. A “short sale” allows the homeowner to sell off their mortgage to a third party buyer, usually at a significantly lesser amount than the outstanding balance on the mortgage.
Completing a short sale is contingent on your lender; the lender must agree to accept less than the outstanding balance on the mortgage. Furthermore, the homeowner will be asked for a financial disclosure addressed to the lender, which acknowledges that you, as the homeowner, will be in effect, foregoing the initial investment, and will not receive the net proceeds from the sale of your property.
Once the home is sold you, as in the old homeowner, are often relocated in agreement with the buyer. If the buyer does not agree to float the costs of a relocation than the seller is responsible for finding a new home, and needs to cover all moving costs. [Read more...]