Homeowners who are facing a foreclosure and can no longer afford or even sell their homes to pay off the mortgage may negotiate with the bank for a short sale. A short sale, also known as a pre-foreclosure sale , is when you sell your home for less than the balance remaining on your mortgage. If your mortgage company agrees to a Short Sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds. Now not every underwater property qualifies as a short...


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