1. Credit - You do not necessarily have to be late on your mortgage payments to be a candidate, therefore no negative reporting on your credit to your FICO score. Foreclosure is also more damaging to your credit than a short sale.
2. Time - Banks are averaging approvals sooner than before, 4-8 weeks.
3. Savings - No out of pocket expenses in most cases.
4. Incentives - You may be eligible for HAFA (Home Affortable Foreclosure Alternatives) and receive relocation incentives of up to $5000.
5. Peace of Mind - Having someone take over the hassle of dealing with the bank.
Contact an Experienced Realtor who can guide you and let you know what to expect.
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