The Wall Street Journal published an article Tuesday detailing how a short sale can overcome financial hardship with a mortgage. The homeowners had a second home that became unaffordable and they stopped making mortgage payments. After negotiations with the lender, a short sale became an option. Eventually, they sold the home for less than what was owed and the lender forgave $16,450 in missed mortgage payments.
This is the advantage that a short sale presents and can be an especially attractive option when you’re looking to get rid of the home, but owe more than what you can sell it for. For this reason, short sales are skyrocketing in popularity and we’re sure to see more in the coming months.
The article can be read in its entirety at the wsj.com.
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