Short
Sale services
Know your rights. Avoid foreclosure
One option a consumer should consider prior to settling with a foreclosure is
a short sale. A short sale is when a consumer sells his or her house to a third
party buyer for less, or for short, than what is owed to the mortgage lender.
Of course, in order to carry out a short sale, the consumer must have the mortgage
lender's permission to do so. Consequently, time is of the essence with short
sales. A lender may be less and less likely to agree to a short sale the farther
behind a consumer is on his or her mortgage payments. Therefore, it is recommended
to seriously consider and pursue a short sale the second the consumer realizes
that he or she will not be able to catch up on his or her mortgage payments.
|
|