Let’s say your mortgage balance totals $350,000, but the current market only values your house at $300,000. What is a Short Sale?Ī short sale is when your lender agrees to let you sell your home for less than you owe on your mortgage. If your home is currently worth less than you owe on the property, a short sale may be the answer. But selling a home when you’re in debt isn’t always easy. When your bills and mortgage have you financially underwater, letting go of your home may be the only way to avoid a looming foreclosure or bankruptcy.
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