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Foreclosure Alternatives

 

Selling a Home in a Short Sale

Selling a home in a short sale has become a common alternative to a foreclosure. More and more homeowners find themselves stuck in a position where they need to sell their homes, but the declining market value that the home will sell for is far less than owed on the home mortgage. Hence it is called a "short sale." For credit purposes, short sales are arguably better than a foreclosure, which would stay on your credit report for 7-10 years.

A short-sale takes place when the seller's lender that holds that note agrees to accept a home sales price of fair market value for your property despite the mortgage balance totaling more than what the property is estimated to be valued at. The reality of today's market is one of steep drops in real estate values nationwide coupled with tighter credit requirements. The combination of the two makes a formidable opponent for someone facing an upcoming adjustment in their payments due to a high interest ARM.

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