These times are certainly trying for us all, for sure. Many people are on the brink of foreclosure, just a short step away from personal financial disaster, and this leaves me thinking, wait…there is a way for them to avoid foreclosure. But most of these hapless and unlucky folks have no idea as to what is a short sale. I used to be in the dark myself until several close friends of my asked that same question: what is a short sale. Then I got to thinking and did some online digging. And you know what I found: I found that a short sale is actually the best way and the fastest way that you can get out from under your upside down home loan and actually prevent a foreclosure from ruining your credit history and current score. So if you are wondering what is a short sale and how you can prevent foreclosure with it, here is how.
- You call the bank and request short sale forms
- List the home for sale with a realtor
- Send in the short sale forms to the bank
- They will accept a lower price of sale than you currently owe
- List the home at a great price and sell it quickly
- Walk away from you home loan and start over
