April 20, 2010


In this tough recession, there are 80% of homeowners who are currently delinquent on their mortgages will end up losing their houses. I noticed recently that some houses in our neighborhood are on short sale. Are you familiar with short sale? A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In this case the lender agrees to take less than the amount owed on the debt, in return for the sale of the property to a third party, usually at no cost to the borrower. If you are a homeowner who is upside down, or unable to make your payment, short sale is the best option for you to do. Once a short sale is successfully closed, you will be able to repair your credit in a short amount of time compared to the amount of time when facing a foreclosure on your record. If you want to know more information about short sale, you should visit housingassist.com today!