accountFrank Borges LLosa (pictured) has a great blog item on why banks drag their heels on approving short sales--that is, sales for less than the mortgage(s) on the property. Two big reasons: 1. If the bank is collecting monthly payments from you while you try to find a buyer, it will get more money by delaying approval. 2. If the bank is protected by mortgage insurance, it can actually make out...
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Reactions to Short sales: why banks don't answer your phone calls
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