Short Sale--The Basics
Short Sale--The Basics
Selling a home in a Buyers market is a tough proposition...even more so when you are upside down on the mortgage--in other words your house is worth less than you owe on the mortgage. One of the options available to homeowners in this position is a short sale. In a short sale situation a homeowner will, due to falling market values, sell a house for less than they owe on the mortgage. Of course this can't be accomplished without approval from the lender.
If you are in a position where you need to consider a short sale, take a few moments to review this video to better understand the impact it will have on your credit score and future ability to purchase another home down the road.
