A good deal in bad times
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foreclosure help, mortgage lenders, short sale February 25th, 2008Homeowners may avoid foreclosure with the help of mortgage lenders
WORCESTER— A legal ad for a foreclosure auction drew three people to a contemporary colonial off Salisbury Street last Wednesday.
But there would be no sale that day. The owners had the auction stayed while they considered a selling method that has not been widely used until the recent spate of foreclosures.
Sheila W. McQuinn, a consultant hired by the owners, is negotiating a so-called “short” sale of the property, which, if successful, will pay the lender most — but not all — of what it is owed. In addition, it will allow the owners to avoid foreclosure and the more serious damage foreclosure inflicts on a person’s credit record. Ms. McQuinn, who owns Massachusetts Property Assistance Trust in Worcester with her husband, Ronald C., said her telephone rings constantly with referrals from real estate agents, lawyers, mortgage brokers. Some calls also come from homeowners who can no longer make their mortgage payments and owe more than what they will receive if the house is sold.
Tags: foreclosure help, mortgage lenders, short sale
