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What is a Short Sale and Who Should Consider One?

In a short sale, the lender allows a homeowner to sell his or her property at market value.  Although the sale price may be lower than the balance owed on the home, the lender agrees to it because they will have better chance at recovering their money.  A lender's other alternative is foreclosure, which can be both timely and expensive.  By agreeing to a short sale, the homeowner will avoid having a foreclosure on their financial record.  Furthermore, after the short sale has gone through, all financial losses will be written off.  

A short sale is ideal for people who want to avoid foreclosure without having to file for bankruptcy.  A short sale will essentially halt the foreclosure process, preventing the lender from suing the homeowner for the money still owed on the home.  A short sale is also a good option for someone who is not eligible for a loan modification.


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