In today's market, the majority of properties being sold are either REO's which are bank-owned properties or Short Sales which are owned by the seller who is trying to sell their property for less than they owe to their lender. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if there are any programs to help you stay in your home. Your lender may agree to a modification such as refinancing your loan at a lower interest rate, providing a different payment plan, or providing a forbearance period if your situation is temporary.
When a loan modification still isn't enough to relieve your financial burden, a short sale could be your best option if your property is worth less than is owed and you have a financial hardship such as a job loss, divorce or major medical bills to name just a few.
Contributed by Jeanine Corcoran
www.FLshortsalePros.com/
"We Have A Heart"
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