What Sellers Should Know About a Short Sale
If you feel that you can no longer afford your home or you owe more than the property is currently worth, you might consider entering into a short sale agreement with your lender.
A short sale only saves you from paying your entire mortgage balance if your lender agrees to let you sell the home for less than you owe. Learn how a short sale could impact your Credit Score and affect your chances of being approved for a home mortgage later.
Check the terms of your contract, or have a lawyer review it to make sure you won’t still owe the difference between your balance and the sales price after your home is sold. Leave the place in good shape – your lender might have recourse to sue you if the property is damaged.
About the Author
Beverly Bird has been writing professionally since 1983 and also has extensive experience as a paralegal, primarily in the areas of divorce and family law, bankruptcy and estate law.
This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.
Published by permission from ConsumerInfo.com, Inc. © 2013 ConsumerInfo.com, Inc. All rights reserved.