How luxury homeowners dodge foreclosure - MSN Real Estate


By bgamall4   Follow   Mon, 29 Apr 2013, 8:13am   68 views   0 comments
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http://realestate.msn.com/how-luxury-homeowners-dodge-foreclosure

When the owners of high-end homes fall way behind on their mortgage payments, foreclosure is not a foregone conclusion. Lenders can be more willing to craft a new payment plan to make high-dollar homes more affordable. Paperwork and procedures are also often delayed, keeping homeowners in some states in their homes for two or more years after they've stopped making mortgage payments. In some cases, lenders are offering homeowners tens of thousands of dollars in cash in exchange for their agreeing to a short sale, in which a home is sold for less than the borrower owes on the mortgage....

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