In a short sale, the bank accepts less than what is owed on the mortgage. In order to do a short sale, the owner must have a hardship reason. The criteria for defining a hardship has changed significantly, allowing families to do a short sale in some cases even if they are not behind on their payments or they are still employed. The banks are more willing than ever to work with families.
Here are just a few of the hardships that may allow you to consider a short sale [Read more...]