Posted by
Jeffrey in
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06 25th, 2010 |
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Great Article: http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/UseAShortSaleToEscapeForeclosure.aspx
If you can no longer make your mortgage payments and your home is now worth less than you owe on it, foreclosure may not be your only option.
A short sale, in real-estate terms, is the sale of a house for less than what the owner still owes on the mortgage. If the lender agrees to a short sale, the rest of the homeowner’s debt typically is forgiven. Lenders sometimes agree to the procedure in order to take a small loss and avoid the lengthy and costly...