Avoiding Foreclosure by Using Short Sales - What Are the Risks?
In essence, a short sale occurs when a lien holder agrees to take less than the amount owed on a property in order for the owner to successfully sell it. There are varying reasons to short sale a property. Owing more on a property than it is worth is obvious, but most owners could just wait until a market recovers if other circumstances in their lives would allow for this. This is not a reason for a short sale on its own however.
With the current crisis be sure to review our article on Covid-19 loan forbearance and the help it could provide for those with federally backed loans. As well, all things have a dark side so be sure to review the risks associated.
Real estate values…