In the current position some find themselves in The Outer Banks Real Estate Market, a "Short Sale" might be an alternative to foreclosure. A Short Sale is when the bank agrees to accept less than the mortgage(s) balance in lieu of pressing forward with a foreclosure. It will cause the lender to lose more money if they foreclose than accept an amount 'short' of the mortgage balance.
First, you should always initiate communications with your lender and be open and honest with them. Second, you will have to demonstrate a "financial hardship" as well as market the property at a price the property is really worth in today's market. Not all lenders will cooperate with a Short Sale, but if you are successful, the damage to your long term credit will be less.
To accomplish this, you will need the assistance of a Real Estate Professional who has the experience to guide you through the process and the commitment to be relentless with the lender who may have many borrowers requesting the same.
For help with this, or any OBX real estate need, just call me. Don't believe that foreclosure is the only solution!
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