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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (74554)	3/22/2007 5:41:29 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 306849

So the deadbeat stays in the home rent free with no incentive to do anything, not maintaining the house, it looks like crap and he is expected to be motivated to sell the house so the lender can be made whole john, that's not my understanding of how the lender short sale works... the borrow puts the house up for sale at a discount to move the property quickly and the lender agrees to accept the sale price and writes off the balance the borrower gets out from under the mortgage and doesn't have a foreclosure on his record i can't imagine that the lender would allow the borrower to remain in the house indefinately while trying to sell......the point of the hefty discount is to move the property fast