The Short Sale Solution

For homeowner’s who are “upside down” in their mortgage, meaning that their home’s value has dipped below the outstanding balance on their mortgage, a short sale may be the solution. Unlike foreclosure, a short sale allows a homeowner to avoid foreclosure and the embarrassment of having their home sold in an auction or public sale.

A short sale is the last resort for homeowners who don’t qualify for other options for debt relief.  Previous efforts to modify the current home loan must have failed and the owner is no longer able to make monthly mortgage payments.  Homeowners who have undergone hardships such as job loss are more likely to be successful in negotiating a short sale with their lender.

For more information about short sales, visit the Bank of America website.

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Date: Friday, October 14th, 2011
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