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Foreclosure on a home has consequences for the family, the community, the housing market, and the economy. However, the option for a short sale provides a way for the troubled homeowner to avoid foreclosure and many of the serious penalties involved.
A short sale begins with a real estate contract to sell your property. It is then up to your lender to approve the sale of your property at a price less than the balance on your mortgage. So why would a lender accept this short sale process? Well a short sale allows the lender to avoid the costs of foreclosure and protracted litigation. In most instances, a short sale will stabilize home values over a foreclosure in the community where your home is located. For the home owner a short sale will result in a lesser adverse credit reporting outcome.
[/tab][tab]Foreclosure on a home has consequences for the family, the community, the housing market, and the economy. However, the option for a short sale provides a way for the troubled homeowner to avoid foreclosure and many of the serious penalties involved.[/tab][tab]Foreclosure on a home has consequences for the family, the community, the housing market, and the economy. However, the option for a short sale provides a way for the troubled homeowner to avoid foreclosure and many of the serious penalties involved.[/tab][tab]Foreclosure on a home has consequences for the family, the community, the housing market, and the economy. However, the option for a short sale provides a way for the troubled homeowner to avoid foreclosure and many of the serious penalties involved.[/tab][/tabs][/vc_column][vc_column width=”1/3″][vc_widget_sidebar sidebar_id=”sidebar-main”][/vc_column][/vc_row]