10
May
Boise Homes For Sale Answers: What is a short sale?
Posted by: Trish / Category: Real Estate NewsA short sale is when the sale of a home sells for less than what the borrower still owes on the mortgage. In 95% of the cases, the debt is usually forgiven. In a foreclosure though, the borrower may be obligated to pay the difference between the amount the home sold for and what the borrower owes.
If you find yourself in a situation where your dream home has become a financial burden, please give your lender a call. They are almost always eager to get started on a short sale rather than starting foreclosure proceedings. If you find yourself in dire straights, this seems to be a much better way to solve your mortgage problems. But do talk to your lender as soon as you realize there may be problems.