The Advantages of a Short-Sale – New Incentives for Lenders

Short-Sales and Foreclosures differ in several key ways, both legally and practically.  In a Foreclosure, you default on your mortgage payments and your lender starts a legal process to remove you from the home and take their asset (your home) from you.  In a Short-Sale the process, you typically work with the current lender on your home to sell it for less than what you owe on the loan.

CNNMoney.com recently had an article title, Don’t Foreclose!  Do a Short-Sale.  Though a typical Short-Sale can often take many months and be an emotionally draining process for all parties involved, there are new government incentives that are intended to encourage lenders to work the Short-Sale process more efficiently: Read the rest of this entry »