Are you in a bad financial situation with your home loan? Has your house fallen in price and now you owe more money than the house is even worth? Then the answer for you is a short sell, it allows you to sell your house for below market value but keeps you from a foreclosure which can hurt your credit rating and your financial situation.

A lot of us have felt this downturn in the housing market. If you have bought a house recently within the last 2 years, then you are feeling the pinch with your houses value dropping more and more each day. It is time to understand what your options are, do not panic.

A short sale is a nice option for you to get out from possible foreclosure and sell your house. Let's say you try the traditional method of selling a house that you are upside down in. You have a house that has a $200,000 mortgage on it and now it is worth $150,000, when you sell the house at closing you are going to be required to come up with the additional $50K or the deal will not go through. Most people don't have extra cash like that laying around.

When you do a short sell you need to contact the lender and get their approval, each state has different laws. They will allow you to sell the house at whatever the market is at and you can negotiate with the lender to relieve you from the loss that is taken on the property. A lot of times the lender will agree to this because they know their other option is foreclosure. When they have to sell a foreclosure they usually will only get 50 to 60% of the market value of the house.

The important thing to remember is this can be a good option for you to get out form a upside loan burden and more on with your life.

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