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When should you consider a short sale?

You've been struggling to pay for your mortgage each month, and you're tired of living paycheck to paycheck. Your home isn't worth what you owe, and you don't want to keep paying. You're at a loss for how to get out of this fruitless situation.

A short sale is one possibility if you can't afford your home any longer but can't sell it for what you owe on your mortgage. A short sale is usually only an alternative if you can't refinance or modify your mortgage. You can also consider a short sale if you owe more on your home than it is worth.

If you are ready to sell your home or haven't been able to sell your home at a price that covers the remaining mortgage, you can talk to your lender about a short sale.

The primary benefit of a short sale is that you can reduce or eliminate your debt related to your mortgage. Your credit may suffer slightly, but it won't be as significant as if you had a foreclosure. In some cases, you may also qualify for up to $3,000 that can be used for relocation assistance.

Foreclosures hurt your credit longer than a short sale, so you can begin to repair your credit sooner and prepare to buy or rent a home more quickly with a short sale. You may qualify for a Fannie Mae loan in as few as 2 years with a short sale.

A short sale is just one option that may be open to you. Your attorney can talk to you about other options that may work for your situation.

Source: Fannie Mae, "Short Sale," accessed Oct. 11, 2017

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