There seems to be a lot of confusion among consumers these days when they are trying to understand short sales and foreclosures. Many consumers think these are the same things with the same results. This is not true. A sale of a house in which the proceeds fall short of what the owner still owe on the mortgage is a short sale. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. For many homeowners this is a good option and allows them to keep their credit somewhat intact vs having to have a bankruptcy on their record. The process of short sale can take a longer period of time and this is not a good alternative for someone trying to find a home quickly. Because there can be a lot of questions on this topic if you are considering purchasing a short sale home or seeing if you qualify for a short sale of your home your best option is to consult with a trusted real estate agent who can help you navigate through this endeavor. There are many options available to buyers and sellers and we would love to help therefore give us a call.
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