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How does short sale help you get out of foreclosure?

For some people, doing everything possible to stay in their home is a top priority when they are foreclosed upon. Others are ready to walk away from the property, especially if their home is underwater. That means the homeowner owes more on the mortgage than the home is worth.

For those stuck with an underwater home, it may be possible to sell it through a short sale. If the lender agrees to a short sale, it can be an effective compromise to stop foreclosure and mostly pay off the bank.

A short sale is an agreement with the bank to sell your property for less than the outstanding balance on your mortgage. The proceeds from the sale then pays down the mortgage. In exchange, the bank agrees not to pursue you for the remaining amount. Banks often agree to this, because they would rather get partial compensation than have to maintain the property and sell it themselves.

A short sale is a good option for many homeowners facing foreclosure, but it is not for everybody. For example, selling your home this way can have significant tax implications. Forgiven debt is considered to be income. Some people might find the subsequent tax bill not to be worth it.

For this reason, it is important for homeowners to consult with an experienced attorney after they receive notice of foreclosure. There are many options for homeowners, whether they are underwater or not, to help them get through this issue and achieve their goals as much as possible.

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