Also keep in mind that despite the hefty costs associated with foreclosing on a home, some lenders simply aren't willing to work with borrowers.
Fannie Mae and affiliate mortgage lenders attempt to avoid foreclosing on homes whenever possible because it is a costly process.
Garnishing wages, attacking bank accounts, and foreclosing on real estate are all used to force payment to affected children.
He had asserted that, owing to the habit of foreclosing small mortgages, " any one with a hundred gulden could gobble up a peasant a year."
Many banks are willing to negotiate, or agree to a short sale, in order to avoid foreclosing on a home.
The process of foreclosing on a home is a costly one for everyone involved, so in some cases it's financially better for the lender to work with the borrower and offer a modification or full refinance.
The seller could be the owner, a trustee or the foreclosing lender.