Understanding the Benefits of Short-Sales 

There are a lot of misunderstandings with regards to short-sales.  Simply put, a short-sale is when you home is sold for less than what you owe on it.  In many cases, your current lender agrees to accept less money than what you owe, and usually forgives all or a large portion of the remaining amount.

In a short-sale, you are not required to be late or delinquent on your mortgage.  However, for the bank to approve the transaction you may have to document an economic hardship – such as a substantial reduction in income or an increase in expenses.

The main benefit of a short-sale is the opportunity to protect your credit while Read the rest of this entry »