While the banks aren’t happy to have to accept billions in losses they are getting used to the economic reality that borrowers in default are not likely to bring their accounts current so short sales make the best of a bad situation.  While the seller avoids the cost of the foreclosure process, the seller get two benefits – his credit score should be less affected by a short sale than a foreclosure and the lender agrees to forego the right to sue the seller for its loss. Many lenders have been hesitant to accept short sales in the hopes that a bailout plan are now actively working with their borrowers and are more open to short sales.

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