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RealtyTrac.com CEO Reports “The lack of understanding can foster foreclosure myths that are dangerous both for homeowners who want to avoid foreclosure and buyers interested in purchasing a foreclosure.”
Right now the real estate market has been and is in the process of changing every week. There are new laws, rules, and regulations regarding people that are in need of a short sale. Within the last few years since the real estate boom, home sellers have found themselves in situations where they may owe more than what their home if worth.
There are many reasons why someone may be in the situation they are in and no longer able to afford their monthly payments. Changing interest rate, drop in housing prices, job loss, and divorce just to name a few. There are options right now for home sellers that may be in any of these situations.
Foreclosure allows a lender to claim title and force sale of a property when a buyer defaults on the loan. Depending on state laws, there are different options that are available when foreclosure is approaching.
A short sale occurs when a lender agrees to accept less than the amount owed against a home because there is no longer enough equity to sell and pay all costs of a sale. Put simply, if your payments are in arrears and it’s looking more and more like the lender won’t be able to recoup the full cost of the home, a short sale may be their best way to get something rather than nothing.