Currently struggling with your mortgage payment or facing foreclosure? A short sale may be your best solution

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) May 3, 2010 --

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan.] It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.[2]

In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is "doing the other a favor;" a short sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than would result from foreclosure or continued non-payment. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

If you're currently struggling with your mortgage payment or facing foreclosure a short sale may be your best solution. The number of short sales continues to increase thoughout the country as more homeowners realize the benefits of this option.

When completed in a timely manner a short sale will limit the damage to your credit and lead to faster financial recovery. One of the most important factors to a quick resolution is having a buyer ready to step in and purchase your home. This could save you valuable time and help you avoid months of negative marks on your credit report. If your property qualifies we could be the buyer you need.

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