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Should you Cut your Losses (Short Sale)
A new real estate algorithm: Cut your lossesBalancing the 'short sale'By Scott Cousins When it comes to mortgage payments, conventional wisdom says there's a simple algorithm about cash flow: If you don't have enough, your home is in real danger. And if you owe more than your home is worth - known as "being underwater" - you're out of luck.But that's conventional wisdom. In fact, more and more defaulting homeowners are turning to a technique called a "short sale." That's when a property owner strikes a deal with a buyer willing to purchase a home for less than what's owed to the bank. The bank, in turn, agrees to accept less than the balance of the mortgage to make sure the property doesn't go into foreclosure.Sounds simple. In reality, the process can be rife with intricate details and complex elements. But it may also be an option - essentially, a less traumatic form of foreclosure - for many homeowners struggling to get out from underneath hefty mortgage payments.To figure it all out, we talked with real estate experts last week. They gave us a quick lesson.Welcome to "Short Sale 101."How many have used the short sale?Unlike foreclosures, which require legal filings, ... more

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