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Homeowners, lenders skirt default

By Art C Ryter at 03/27/07 08:53

Describes one way homeowners and lenders avoid foreclosure. In areas only moderately affected by foreclosure pressures due to the subprime mortgage failure, with credit institutions strong enough to maintain neighborhoods, banks are allowing homeowners facing foreclosure to sell short of the full value and forgive, i.e. write off, the difference between the sale prices. It’s a great way for people to avoid foreclosure if they find someone willing to buy the property.

Original source: Arizona Central. [404 Check: was link to http:/ / www. azcentral. com/ business/ articles/ 0321homeowners21 -ON. html, anchor: Homeowners, lenders skirt default]

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