A Short Sale Could Save you From Foreclosure

If you're faced with the fact that you owe more on your property than it's actually worth

, it might be time to think about a short sale. Even though this option can be unpleasant or even embarrassing, it might be the only way to save your family from the financial disaster foreclosure could mean. With so many people facing difficult financial times caused by job loss or other financial catastrophes, it's important to know the best options that can help you in the long run when losing your home is eminent.

If a lender agrees to do a short sale, they are agreeing to accept less than the total amount due. Because this isn't ideal for lenders, they don't all agree to do them and not all sellers will qualify. It's important to find someone to deal with that is knowledgeable about short sales, so you can get the guidance you need during this difficult and confusing time. With so many people facing this decision, there are many agents that are considered experts in short sales, so it's a good idea to turn to an expert to make sure the transaction is handled appropriately.

With several steps to be taken when it comes to short sales, it's important to understand the process before you decide it's the right thing for you. You have to first go through the lender to determine if you qualify for a short sale and get in contact with the person who will handle the sale. You'll then have to decide if you want to move forward with the process, which will include submitting a letter of authorization to the lender, a hardship letter explaining why you must do a short sale, proof of income and assets, as well as several other things needed to facilitate the sale.

If you fear foreclosure is a possibility, it might be time to consider a short sale. This can be the only way to save your family from the financial disaster foreclosure could lead to, and can help you sell your house before you lose it. It's important to know the steps involved in a sale like this, as well as to find an expert who can guide you through the process. In spite of the fact that a short sale can be a less desirable way to go, it can be the only way to save your home from foreclosure and might be the solution to certain financial disaster.

A Short Sale Could Save you From Foreclosure

By: Leon Belenky

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