If you are thinking about a short sale, you must act quickly. The debt relief act has been extended for an additional year. This means if homeowners must sell their home because of a hardship, and desire to do a short sale, the homeowner will not be responsible for paying the short sale deficit.
The short sale process allows a homeowner to sell their home for less than what is owed. Your lender understands that a short sale is less expensive than a foreclosure. In addition to that, the benefits of a short sale is far greater than doing a foreclosure. A short sale benefits the homeowner and the lender.
When doing a short sale, your credit is less impacted compare to when doing a foreclosure. Find out all the details and compare the different between the short sale and foreclosure process.
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