Many homeowners are staring down the barrel of a mortgage payment beyond their range of affordability.Â Unfortunately, refinancing will only help those that have enough equity to get a new loan.Â What option does a homeowner have to avoid foreclosure...?
A Short Sale occurs when a home is sold and the sales proceeds do not fully pay off the loan or loans on the property and one or more lenders accept a discounted payoff and allow the sale to close escrow.
Because lenders are not obligated to accept discounted payoffs the success of a Short Sale transaction is
First, banks and lending institutions don't like bad loans on their books. Short sales work because they reduce Lender losses on seriously at risk loans.
A completed foreclosure is the worst thing that can happen to your credit - worse than an account charge-off, worse than bankruptcy.
Furthermore, the following are more potential benefits:
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