I spoke with a lady a few days ago about selling her home. She had decided to just wait and let them talk her home. She was giving up because she could no longer afford to pay her mortgage.
I explained to her what a short is and the differences between a foreclosure and a short sale.
Of course my explanation was from a real estate agent position and not a legal one as I am not an attorney. I am not qualified to give legal or tax advice - consult the appropriate professionals.
When there is an opportunity to go the short sale route why not give it a try? I have even seen some lenders like Bank of America recently offering incentives for home owners to pursue a short sale and avoid foreclosure.
I have seen some who go through the foreclosure process instead of a short sale but it was at the end of a bankruptcy and they had already forfeited the house as part of the bankruptcy. Again, I am not an attorney.
If you are facing a hardship that makes keeping your home doubtful, give me a call to discuss the possibility of a short sale. It may be a change in employment, health issues, a death in the family, a job relocation or some other hardship.
A short sale may be a consideration.