Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Wisconsin Short Sale Myths-Part One
Short Sale Myths - Part One January 30, 2014
by David Tal
When a property is sold for less than the balance remaining on the mortgage loan, that is called a short sale. A short sale can benefit homeowners in many ways, by helping them get out of an upside-down loan, avoid foreclosure and eliminate their mortgage debt.  Short sales today are also, on average, taking less time to process than before - thanks to tighter regulations and better practices in the industry. However, there are still a lot of misconceptions about short sales floating around out there, and we are tackling eight of them to help homeowners in the market to short sell know what the real deal is!
 
Myth Number One: I will still be responsible for paying off the total amount of the mortgage after a short sale.
 
Wrong! If your short sale is handled correctly, and you only hold one mortgage on the home, your agent should be able to negotiate a short sale that leaves you free and clear of the debt as far as the lien-holder is concerned. The whole goal of the short sale process is to get the bank to agree to accepting a ... more

__________________________________________________
Are you on The Rain? Grow Your Network!