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Why Would A Bank Say Yes?
With foreclosures on the rise in the US, banks are looking for anyway they can to minimize their foreclosure losses. Basically, it is much more cost effective for a bank to agree to a short sale rather foreclose on a home.
Banks aren’t in the business of owning real estate and collecting monthly mortgage payments, so a bank will take a minor loss in a short sale to start that payment cycle again.
In addition, if the home is in foreclosure, a bank must pay for upkeep, insurance, and other costs. Plus, through the foreclosure process, the bank would incur legal and court fees.