… could occur. The two parties could agree to a loan modification (such as adjusting the loan terms like length or interest rate, to make the loan more affordable); reduce the principle owed on the mortgage; agree on a “graceful exit,” such as a short sale, when the property is sold for less than the amount owed on the property; or agree on relocation assistance for the homeowner, Tutt said.
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Mandatory mediation on tap for foreclosure process | News-Gazette …
