What is a Short Sale and why do people do them?
A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for.
With the declining market and loans that were taken at higher interest rates and adjustable mortgages over the last few years many homeowners are finding themselves in a bind.
A short sale occurs prior to a foreclosure. Foreclosures show negatively on your credit report. If you feel that foreclosure may be in future give me a call and we can discuss more detailed information on how this works and if you may qualify for this program.
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