It is easy to assume that a short sale means a quick sale, but this is a wrong assumption. A short sale refers to when a house is sold at a net sales price. That is, the homeowner sells for less than what is owed to the mortgage lender (s) after removing closing costs, commissions, etc. If you find yourself underwater with notices that indicate that your mortgage payments are past due, then the only alternative to a foreclosure is a short sale.
You can get financial solace from going the way of a short sale. Here are some of the steps to take to avoid foreclosure with a short sale.
Voila! you have successfully avoided a short sale.
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