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Can a short sale save your home from foreclosure?

Receiving a foreclosure notice from your lender will make your stomach sink. Even though this is a challenging situation, it doesn't necessarily mean the bank will repossess your home.

There are many ways to prevent foreclosure, with a short sale one of the most common.

A short sale occurs when the lender agrees to accept less than the amount owed on the mortgage. Two things must hold true for this to be an option:

  • You owe so much in back payments that you are unable to catch up
  • The housing market is making it difficult to sell your home for as much as you owe

Is it the right answer?

Even though a short sale isn't the only way to prevent foreclosure, it's something many people in this situation consider.

To start, keep in mind that a short sale will require you to find another place to live.

The primary benefit of a short sale is that you're involved in the process. This is in contrast to a foreclosure, which is forced upon you by your lender.

Furthermore, foreclosure has a bigger impact on your credit report, thus making it more difficult to obtain a mortgage for another home in the near future.

If you're staring foreclosure in the face, learn more about your options for coming out on top. A short sale is an idea to consider, but you should also look into negotiating better terms and conditions with your lender.

By understanding your legal rights, you can implement the strategy that is best for you, your home and your finances.

"Attorney Advertising Disclaimer: Under Federal Law, we have been designated a Debt Relief Agency and we help people file for bankruptcy relief under the Bankruptcy Code. This information is not intended as legal advice and no attorney-client relationship is created. Results may vary. Results not guaranteed. Dramatization: Not actual clients in pictures and videos. -- Thomas C. McBride, attorney in Alexandria, LA."

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McBride Law Firm

McBride Law Firm
301 Jackson Street Suite 101
Alexandria, LA 71301

Phone: 318-625-0471
Phone: 318-625-0471
Fax: 318-445-8066
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