Pre-Foreclosure Guidelines and Shortsale Negotiations. Deciding On A Course of Action What are some of the typical questions we hear from home owners considering a short sale? Q: How does the bank decide if they will take the reduced short sale amount? A: The department that handles the short sale file is called Loss Mitigation so that’s exactly what they do. By the time your loan gets to their department they know they are going to take a loss; it is just a question of degrees of loss. They have a computer program that estimates what it will cost to foreclose on the property, Read more
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