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If you’re having trouble meeting your monthly loan payments and are now facing foreclosure, a short sale may be a better option. Let’s look at the basics of the short sale process, including how to determine whether you qualify, the pros and cons of short sales and the procedures involved in completing a short sale.
Have you fallen behind on your mortgage, or tried re-negotiating your terms to no avail? If you answered yes, you may be a perfect candidate for a short sale — a process in which a homeowner sells a home for less than they owe.