Advantages and Disadvantages of a Short Sale

Living in a recession is difficult for most people, especially US homeowners that are living from one paycheck to the next. They often wonder how they will keep their mortgage payments current and prevent foreclosure of their property. Oftentimes, misinformed homeowners are led to believe that entering into a short sale agreement with regard to their home is their only option to prevent a foreclosure. What is a Short Sale? In a short sale, the mortgage company can agree to accept a negotiated amount – usually far less than the total amount owed – to satisfy a defaulted home or …

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