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What is a Short Sale & Is It For Me? | Help for Homeowner's!

Lately I have had numerous people ask me if they should try to short saletheir home.  These are people who are stuck in increasing adjustable rate mortages, interest only loans with balloon payments coming due that can't refinance or afford to pay the balloon payment, high interest rate loans with extremely high mortgage payments that they can no longer afford and people who want or need to sell, but feel that they won't be able to get what they owe on their homes due to declining values.  
Short sales have saved many people from foreclosure thus saving lenders hundreds of thousands that they would have lost with the alternative ~ Foreclosure!  That being said, do you need to short sale your home?  Can you short sale your home?  Would you even want to try to short sale your home?  Lets see.... 
What is a short sale?A short sale is when your lender(s) agrees to take less than what is owed on your home upon the sale of your home.  The professional definition: A short sale is when a mortgage company accepts a discount on the note to avoid a possible foreclosure action.  Instead of buying from a seller, the property is purchased directly from the ... more

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