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Is A Short Sale for You?
Is A Short Sale for You?
A short sale, in brief, is when the homeowner's market value is less than the amount owed on the mortgage when selling a property. Thus, the homeowner would not be able to clear the lien unless an agreement is reached wth the lender to accept less than the amount owed as "paid in full" to remove the lien.
So, the question remains, Is A Short Sale for You?
I am not a lawyer, so I must state that any personal advice should be obtained by consulting a real estate lawyer familiar with short sales, bankruptcies, and foreclosures.

Most people considering a short sale are delinquent on their mortgage payments. A short sale is simply an exit plan for the homeowner. It can be an alternative to a foreclosure or a deed in lieu of foreclosure. It is widely believed that a short sale has a less negative impact on the borrower, thus enabling the borrower to re-establish himself/herself financially. Below are some examples of situations I've experienced when borrower's elected to try a short sale:
Delinquent on mortgage payments and unable to obtain a loan modification or bring the loan current In the ... more

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