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• A short sale is when the lender agrees to accept less than the amount owed on the mortgage instead of foreclosing. Many homeowners and REALTORS® have expressed their frustrations in the short-sale process, criticizing lenders for the amount of time it takes to process and approve a short sale. The CALIFORNIA ASSOCIATION OF ...
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• Industry estimates find that half of all homeowners who lose their homes to foreclosure have no contact with their loan servicers. Homeowners at risk of default or those who already are behind on mortgage payments are advised to contact their servicer at the first sign of trouble. Consumers should request to speak with ...
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