If you can no longer cope up with your mortgage payments and your home is now worth less, foreclosure may not be your only option.
A short sale, 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 foreclosure process.
The figure below shows the existing home sales in Phoenix.
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Sources: SOMLS
Southeroregon.com
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