What is a SHORT SALE?
A short sale is when the banks accepts less that what is owed on the mortgage. Home sellers should consider a short sale when the value of their home is LESS than the amount of their outstanding loans. For example, if your home is worth $205,000 but you have a loan of $300,000 then a short sale is a consideration.
If you have to sell your home you basically have three options.
1) You can bring cash to the table.(If you had cash, you probably wouldn't be behind.)
2) You could let the home go into foreclosure.
3) The third option is to pursue a short sale.
If you don't have the cash and you don't want the bank to take your home back, click here to learn more about short sales.