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Advice on Short Sales
By Roby V. Pagong
What is a short sale and why do homeowners want to do it? A short sale happens when the value of the property becomes lesser than the remaining balance of the mortgage. The homeowner applies for a short sale because he can no longer afford to make the payments and it seems the most logical thing to do. However, it is not that easy to get it approved. The application has to go through several steps before the lender will even consider it.
You should learn how the lender thinks if you want to get an approval from him. One thing you have to understand is that the lender wants to minimize losses. This is why he wants to make sure that he gets a good deal out of the short sale. If not, then you will probably waste a good short sale package.
Qualifying
It is very important that you qualify first. The first requirement is the decline of the value of your property. This normally happens if the general value of the property in your area dropped. This can also happen if you failed to properly maintain and repair the property. Aside from that, the ... more

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