In today’s market, a significant number of homeowners are forced to deal with declining home values and job layoffs. It may seem that the only option is to “give” your home back to the bank, and deal with the ramifications of bad credit. But even though you foreclose on your property, you may still be responsible to pay back a portion of the mortgage loan.
So what exactly is a Short Sale and why is it a better alternatives to a Foreclosure? A Short Sale takes place when the bank allows your home to be purchased at an amount lesser to what you actually owe on the mortgage. The approval process may be lengthy, and the homeowner must prove their financial hardship, but a Short Sale is almost always a better option for struggling homeowners.
The following article, published by the National Association of Realtors, looks at the advantages of a Short Sale:
Foreclosure Alternative: The Short Sale
A short sale is far from hassle-free, but it’s a better alternative than foreclosure. And now you’ve got a little help from your friends in D.C. Here are the facts about short sales and how to get started. Click Here to Read More
If you would like more information about Short Sale, or for any real estate questions, please contact me:
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