What is a Short Sale and is it something you should consider?

A Short Sale is asking your mortgage lender to take a lesser amount on the home than what is owed if you were to find a buyer. This is a way to stop your home from being foreclosed on and can also save your credit report from being heavily damaged. Late mortgage payments and foreclosures are two key factors that can affect your credit report.

When you short sale your property, you are selling the house to stop the foreclosure, so you cannot sell the house to gain profit from it.  In most places the foreclosure process can take a long time, so you may still have plenty of time to try and get a buyer, and can remain in the home until the time you actually go to closing.

Most people assume that they are still responsible for realtor fees with a Short Sale process, however, the realtor fees are paid by lender.

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