According to the media the housing market is on the rebound; but, for you, the value of your home is still low. You still owe more on the mortgage than it's worth or you are still behind from paying "catch up" from being laid off a few months ago?
The media is correct, the housing market is on it's way back. Especially for areas like Atlanta, which has been reported to be one of the best places to buy a home. But, you're not quite sure what's a short sale, what does it entail and/or if a short sale is the answer.
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What is a short sale ?
A
short sale is when the bank will allow the home owner to sell the
property for less than the mortgage balance; hence, shorting the payoff.
If
you have to decided that a short sale is right for you, you still have
to qualify for a short sale with your mortgage lender. Lenders look
at a job loss, a decrease in income, or an increase in expenses but not
in income as a hardship.
What to expect during a short sale depends on your lender; for example, if your loan is owned by Fannie or Freddie Mae, FHA or a non-conforming lender. Each lender's requirements are different...
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