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Short sales and the benefits to homeowners

When a homeowner is underwater, it means that he or she owes more on the home than the home is now worth. Where do you see this take place? Look at areas where disasters take place; if they aren't rebuilt, homes in the area will cost less due to the fact that few people want to live in the area. The same is true when a recession hits. Suddenly, homes are worth much less than previously and buyers don't have the money to pay premium prices.

When this happens, it's important for homeowners to consider a short sale. Short sales happen when homeowners are able to sell the home for less than they owe and get a lender to agree to that payment. When a short sale is successful, the homeowner doesn't have to make up the difference in the remaining mortgage versus the sale price of the home.

Some people may try other ways of getting the money needed to get out of debt or to wait until the house goes up in value. For instance, renting a property may be beneficial if you can get more than the monthly mortgage out of a rental payment. Sometimes that can help while an area recovers, but it's also possible that a short sale is a necessary means to an end to move on from a home that has lost its value.

Short sales make it possible to avoid foreclosure, which can seriously damage your credit rating. Short sales also damage it, but not as badly. Your attorney can help you decide on the best way to eliminate a mortgage, so you can be financially stable.

Source: The Washington Times, "Cover story: Big benefit in short sale for seller, buyer," accessed Dec. 15, 2015

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