Personal financial difficulties that result in missed mortgage payments are serious, leading to loan default and possible home foreclosure. Working with a lender to accept a short sale, an amount that is less than the actual mortgage balance, can be a way out of an unpleasant situation, but there are things to know before exploring and proceeding down that path.
First, it may be advantageous to investigate other possible options. A short sale is not always the best way to move forward, even if the lender seems willing. Negotiation can be complicated and time-consuming for both the seller and for potential buyers. In addition, it is rare that a short sale will leave a seller completely free of all obligations related to the home. The short sale
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