Ok so let’s picture this situation. You live in a beautiful home with your family which you currently have a mortgage for. But during the real estate boom, you decided to buy another home at relatively outrageous price. As we all know now, that home’s price is anything but outrageously low, but you still owe quite a bit on it.
Now you are paying mortgages on your current home, AND another property that’s worth almost 50% of what it was worth. Not to mention the economic times are getting tough and prices of about everything are going up except our properties.
Does it make any sense to shell out an additional one thousand? Two thousand? Maybe even three thousand dollars a month on a home worth a lot less than what you bought it for? No, not really at all.
But there’s a solution! It’s called a short sale. Yes I know this word pops up like a hundred times throughout the day and it may even have a bad connotation to it, but let me explain what it is exactly. A short sale is simply a deal done with the bank to sell the property for less than what’s owed. Often times, the original debt is than wiped out and the homeowner walks away owing no more money, and the bank recovers some of their losses.
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