How To Arrange A Short Sale
In many parts of the country and even in our own area, foreclosures have been on the rise. In the past year, nationwide, there's been nearly a 75 percent increase in the number of foreclosed homes - bringing the total number of foreclosures to over 2 million in 2007 alone. Lately, however, the phenomenon of short sales is bringing up questions about consumer credit, credit scores and how they will be affected.
What Is A Short Sale?
When the equity in the property will not cover the debt owed and the cost of selling it, a lender may agree to accept a lesser amount for the home than is owed. Usually, a lender will only consider taking less than what is owed if the home owner is in arrears on payments. Even then, not…