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When to Consider a Short Sale

Typing on a ComputerThere are times when being a homeowner can be stressful. For example, a homeowner may need to move out of the area or they cannot afford their mortgage payments anymore. These are legitimate issues that happen to millions of homeowners every year. It is important for people to realize that there are options. For example, a short sale may be just what you need to get out of debt and sell your home.

A short sale is when a home is sold as a pre-foreclosure. Some sellers are able to get approval from their mortgage company to conduct a short sale. The selling price of the home could be for what is owed on a mortgage or it could be for less. If you can pay off the entire debt then a short sale can be just what you need. Even if it sells for less than the debt owed it could help drastically in lowering the amount and giving a person some significant financial relief.

Other situations may factor into the decision to do a short sale. Owing more than the home is worth, not being able to refinance, or facing a personal hardship are other situations that may warrant considering a short sale. Mortgage companies and lenders are often willing to work with people who need to sell as it is beneficial to their interests to do so. Consulting with a lawyer is a good idea if you are concerned about the consequences of a short sale and what it could mean for your financial well-being.