Homeowners that find it difficult to keep up with mortgage payments must admit as much if they are to be considered a candidate for a short sale.
A short sale can be an option for homeowners struggling to keep up with their mortgage payments.
When you owe more on your home than it’s worth and you need to sell, the transaction in which you will sell your property is called a short sale.
A short sale usually indicates a homeowner in financial distress, a real estate market in the doldrums, or both. The short sale must be approved in advance by the mortgage lender.