Short sale is sometimes perfect way to set a home owner or mortgagee free from a mortgage and embarrassment of foreclosure of property. When a bank or lender provides a homeowner an option to sell their home to third party (usually the lender) at a price that is much lower than what they actually still owe on the their mortgage, it is known as short sales. However, a borrower should compare the impact of both, short selling and foreclosures to make the right decision.read more...

2-Short Sale - Better Option Than Foreclosure of Property

In the current economic scenario, the number of short sale properties is rising. Most of the borrowers find short selling a home as a better option than embarrassment of foreclosure of property. A short sale occurs when the borrower s property is sold and the lender agrees to accept discounted pay off. In such circumstances, lender agrees to the lien that is secured to the property upon receipt of less money than is actually owed. Borrowers usually use this alternative when they owe more than their homes are worth. Following are reasons which explain why short selling is considered better option than foreclosure:read more...