A short sale can provide a mutual benefit for both the homeowner and the bank because it helps both parties avoid foreclosure. If the bank agrees to short sale, you can sell your home and payoff all or a portion of your mortgage balance with the proceeds.
Some of the benefits of a short sale are:
- It can eliminate or reduce your mortgage debt
- Help avoid foreclosure and the negative impact to credit associated with foreclosure
- Start repairing credit sooner than if the property forecloses
- May be able to purchase another house sooner than if the property forecloses
Posted in: Homeowners