As a result, the lending bank may agree to a sale of the property for less than is owed on it. In order for a bank to agree to take less than the homeowner owes on his mortgage, the seller must often show significant hardships that have led them to being unable to continue making payments on this property.
As a result of this situation, the lending bank may agree to sell the property at a reduced price, lower than what is owed. For a bank to accept less than the homeowner owes on his mortgage, the seller typically needs to demonstrate significant challenges that have hindered their ability to continue making mortgage payments on this property.