Summing up Short Sales

We have all heard the term "short sale" during the past few years, but what does it really mean? In the past lenders were foreclosing on homes and were not open to negotiating foreclosure alternatives. This would often result in the home going into foreclosure. Lenders are now realizing that they will get more money (and less aggravation) in the long run from negotiating a short sale rather than heading towards foreclosure. Requirements for a short sale have relaxed a bit, and the the Federal Housing Finance Agency has imposed new regulations on Fannie Mae and Freddie Mac that will speed up the short sale process. Click here for a clear cut and easy to understand description of the short sale process.