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What to do if You Are Facing a Short Sale
If you need to sell your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.
1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:•· Refinancing your loan at a lower interest rate•· Providing a different payment plan to help you get caught up if you are behind•· Providing a forbearance period if your situation is temporary
When a loan modification still isn't enough to relieve your financial problems, a short sale could be your best option if:
•· Your property is worth less ... more
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