If you need to sell because you can no longer afford the mortgage, you might be able to negotiate with the bank if it knows you're actively selling the house, says Camp.
Camp recently coached one client who could no longer make his $8,000-per-month mortgage. After a few conversations, the bank lowered his payments to $2,000 in return for his putting the home on the market.
Negotiating secret: "You have to go to the head of loss mitigation" for the lender or servicer, Camp says. For the homeowner who comes in "straight up," who is selling the home and needs patience while it's on the market -- "you'll be shocked what they will do for you," he says.
Why it can work: The lender is "looking for ways to get their money or keep their money," Camp says. The quickest way to get the most money is if the owner sells the house in a regular sale, he says.
With foreclosures or short sales, properties can linger -- empty and profitless -- for years before lenders recoup just a portion of their money.