WHEN A BORROWER MAY OWE MORE THAN THE CURRENT APPRAISED VALUE OF THEIR HOME (ALSO REFERRED TO AS BEING "UPSIDE DOWN" OR "UNDER WATER")
Increasingly, many homeowners are finding themselves owing significantly more than their home is worth. Many lenders are willing to allow a sale of the home for less than what is owed and correspondingly forgiving the homeowner for any deficiency amount (i.e., the difference between what the lender collects from the sale, after all fees, and what is actually owed). The short sale is an option that TNFCG encourages all borrowers to investigate and the Obama administration is urging both lenders and homeowners to attempt a short sale, rather than allowing a foreclosure on the home.
If conducted properly, a short sale can benefit both the borrower and the lender. The Obama adminstration has indicated that they intend to implement guidelines to foster greater use of the 'short sale'.
A SHORT SALE IS AN EXCELLENT WAY FOR A HOMEOWNER TO GET A FRESH START WITHOUT GOING THROUGH THE VERY PAINFUL AND DISTURBING FORECLOSURE PROCESS. MANY SHORT SALES CAN BE ACHIEVED WITHOUT THE HOMEOWNER PAYING A FEE. YOU MAY CONTACT THE VELAHOS LAW FIRM AT 856-384-8002 TO DISCUSS THE POSSIBILITY OF "SHORT SELLING" YOUR HOME.
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