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A short sale may be the best option for homeowners who are “upside down” on mortgages because a short sale may not hurt your credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.
Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses. Please access the article below to help you determine if this may be the best option for you. If you have questions or concerns please give us a call.
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