The stress and anxiety of preforeclosure can be very high, if you can see no way out of your dilemma. Here in Scranton, property values can actually be less than the value of the mortgage against them. If you are in default, that makes things look hopeless.
Take heart! There is a possible remedy to your foreclosure: the short sale. In essence, you do your homework regarding the market value of your property, the amount of your mortgage and then negotiate with the lender to accept less than the amount of the mortgage.
Obviously, there’s more to this than the simple “what to do” outlined above. You’ll need competent advice from a professional regarding all the implications of a short sale. Further, you may need the help of someone skilled at negotiating with banks and lenders.
The details of your particular situation will determine if you even qualify for a short sale. In some cases, the lender may decide that a foreclosure is in their own best interest. In other cases, if there is no serious hardship on your part, the lender may not be inclined to consider such a deal.
Your best bet is to contact someone in the Scranton area that is practiced in the execution of preforeclosure short sales. Talk with someone who will listen with compassion and give you straight answers regarding your particular situation.
Keep in mind: the worst thing you can do is to simply let your home go into foreclosure without taking any action at all. Empower yourself: find out if a short sale preforeclosure in Scranton is the right step for you to take.
Posted by Vince Runza Online 
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