Real Estate

Is a Short Sale a Good Idea to Avoid Foreclosure?

Thu Mar 19, 2009 11:09 am
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A short sale is a means to avoid foreclosure. If your bank agrees to let you sell your home for less than is owed on the note/mortgage and your attorney concurs with the sale, then it would be in your best interest.

There are some caveats to a short sale. There may some some tax liabilities and/or the bank holding the mortgage may seek to recapture some additional money by other means.

It is best to have a qualified real estate attorney walk you through the entire process. Do not sign any documents until your attorney approves of and reviews all the paperwork from the bank.

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