If you are wondering if a property short sale is right for you, you should know that it is a very individualized and personal topic. However, there are some circumstances and factors that are commonly applied to property sellers in short sale proceedings.
If you are behind in your mortgage payment and cannot keep up with all your monthly obligations, due to a sudden change in the monthly income to support your home, job loss, job transfer, health problems , or divorce, a short sale may be a good outlet for you. A short sale allows you to sell your property to your lender for less than you owe on the loan, but if approved, in most cases the sale satisfies all of the debt.
Also, if you are not yet behind on your monthly mortgage payments, but you know that circumstances will prevent you from staying current in the near future, a short sale might be able to solve your situation. You must, of course, consider the effects a short sale can have on your credit score in deciding whether a short sale is a good fit for you and your property.
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