Tycon Insights

There are so many homes going into foreclosure in today’s economy. When that happens no one wins, the lender or the borrower. There is another way to keep that from happening and that is having a short sale. A short sale is when the borrower cannot pay the mortgage loan on their property so the lender and the borrower agree to sell the property for a loss. This often happens at that point when your house is not worth what you owe on it so you can not sell it for what you need to. When you go into foreclosure there are fees that have to be paid to the bank and your credit score is lowered drastically. That is why many opt for a short sale. It is basically selling the home for a price below what you owe so you can get out from under the payments and start rebuilding your credit again.

This entry was posted on Thursday, April 8th, 2010 at 12:25 pm and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.