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Is a Short Sale the Way to Go?

A homeowner can sell their home for less than they owe if the circumstances are right.  This is called a “short” sale.  Short sales are often beneficial for the seller, the buyer, and the creditor.  A person can market the sale as a short sale to attract buyers.  This may sound like an easy out for someone who cannot make payments, but there are negative consequences to be considered when considering a short sale as a debt relief option.

So, What Is a Short Sale?

A “short” sale of a home is when the seller sells their house for less than they owe the mortgage lender.  If someone is behind on payments, they may consider this as an option to avoid foreclosure or bankruptcy.  In order to be able to utilize the short sale option, the seller (debtor) must apply for permission from the bank (creditor).  Why would a bank agree to this?  In many situations, they can recuperate more of the owed money than they might be able to if the debtor files for bankruptcy or the home is foreclosed on.

Two Ways To Avoid Foreclosure

Your home is your most valuable asset, and it is also where you greet your family at the end of the day and lay your head at night. For many people faced with overwhelming debt, keeping their home is the number one priority. However, if you have been unable to

Will A Short Sale Save My Home From Foreclosure?

Receiving notice that your home has gone into foreclosure is a frightening experience. Without a roof over your head it is hard to live a normal life, or to give your family the shelter they need. But, with a sluggish economy, the number of foreclosures is again beginning to rise