Why do you allow your home go into foreclosure?

I was approached by a seller who wanted to do a short sale 2 days before the foreclosure auction date not long ago. Wondering what makes them wait until 2 days before the actual auction date before seeking help? For most people, short sale is a better option. Not only they get paid $3000 if doing a HAFA type of short sale (much more in some other cases) but also deficiency is waved for the difference so they can move forward financially. We are still waiting to see what is goig to happen to "Debt Forgiveness Act" after 2011 and that is also a great benefit. There are more options when seeking help as early as possible.
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November 25 2012 - Jacksonville
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I agree. Other than the work and diligence to execute a short sale, they have many advantages over allowing your home to go to foreclosure.[deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
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November 25 2012
Profile picture for SoCal Engr

You all really need to retake (or take) Being Human 101 if you are seriously asking this question.

Aside from the "more busniess for me" perspective, you're also simply looking at short-sale -vs- foreclosure as an X's-and-O's financial decision. It is not.

As a preamble, let's exclude people who face a short-sale situation because of a need to move (either job or other reasons). They are already facing the need to move/sell, and are simply faced with an underwater asset. Also, exclude the people who - for whatever personal reason - deliberately decide to simply quit making payments and wait for the foreclosure process to catch up with them.

For the otthers, a foreclosure is not a deliberate, stand-alone decision. Other things are going on in someone's life that take precedence over making house payments. So, strange as it may seem, "foreclosure -vs- short-sale" is way down on the "things to deal with list".

Also, a short-sale is a deliberate action. It is an activity/decision a person makes (emphasis on "makes") that guarantees that they are going to "lose" their house. A foreclosure "happens", and a person who is trying to deny some of the harsher realities of life is going to hold onto whatever hope they can - however slim or unrealistic.

To ask this question shows an incredible insensitivity and lack of insight into people's situations and natural human responses/reactions. I'm a cold-blooded X's-and-O's person, and even I can demonstrate some level of empathy with their situation.

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November 25 2012
Thank you SoCal.  I would also like to add that there are owners who made their monthly mortgage payments religiously when they were employed and now have either lost their jobs and can not find employment or have found employment but have had to take a large pay cut.  There are also those who are and have been experiencing health issues and have huge medical liabilities and are struggling to make payments.  Then there is the divorce situation where income has been cut in half.  A home is a safe haven for most and to have to walk away from this comfort zone is a very hard position to take.  While a short sale is a better option vs. foreclosure, it is an extremely hard decision for one to make to walk away from a place one has come to know as home.  Yes we are in this business to earn a living but we should also be in this business to help people. 
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November 25 2012
 
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Why do you allow your home go into foreclosure?
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