North County Jim I am not a loan expert, just a Realtor and Engineer… However I have heard that lenders go to great lengths to avoid foreclosures including short sales and other mechanisms.

It would be interesting for someone from the lending industry to comment on this.

I recall having a conversation with a mortgage broker and he told me that having foreclosures on the books is the very last thing a lender wants. Perhaps he was wrong or I mistook his words.