A short sale refers to a real estate transaction in which the property sells for a price below what is currently owed to the lender. Many people are unfamiliar with this financial option, as it often does not seem like common sense for a lender to allow a property to sell below what is currently owed. But, during a downturned economy, many lenders would prefer a short sale to a foreclosure.
If you are facing a debilitating adjustable rate mortgage interest rate increase, you are not alone. In fact, you are among the hundreds of thousands of residents within the Maryland, Washington D.C. and Virginia areas who are in the same situation. Today, houses are sitting on the market longer, causing many families in need of a sale to face financial difficulty. If you are facing foreclosure, a short sale may be the financial solution for you and your family!
What is a Short Sale?
A short sale refers to a property sale in which the sales price is lower than what is owed currently to the lender. Lenders often agree to this financial solution when the borrower is struggling to make the ongoing mortgage payment when this is a stronger financial option than allowing the property to go into foreclosure.
Does a Short Sale Make Sense?
First, your lender will need to approve a short sale before you can pursue the option. But, if you are unable to continue paying your mortgage payments, you only have a few financial options available to resolve the situation for you and your family. You can attempt to negotiate for a loan modification, reducing your monthly financial obligation. In the event that you can still not make the mortgage payments, you can list your home for sale at a price which is sufficient to cover what you currently owe to the lender. But in the event that neither of those options is viable, a short sale is likely the solution.
When you short sell your property, you can move on to a property in which you can afford, without allowing the property to go into foreclosure. To find out more about short selling and to determine what your current property value is, order a copy of our FREE report by visiting http://relieftohomeowners.com.
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A short sale refers to a real estate transaction in which the property sells for a price below what is currently owed to the lender. Many people are unfamiliar with this financial option, as it often does not seem like common sense for a lender to allow a property to sell below what is currently owed. But, during a downturned economy, many lenders would prefer a short sale to a foreclosure
