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Short sale can help in preventing Worcester foreclosure. In example of a short sale is if you owe the bank $350,000 on y...

  • Category: Financial & Legal Services
  • Published: 17/08/2015
  • Current Rating: /5 0 Vote

    Description

    Short sale can help in preventing Worcester foreclosure. In example of a short sale is if you owe the bank $350,000 on your mortgage and the bank agrees to let you sell your home to a buyer for $300,000. In this example, the bank has agreed to accept less than you legally owe them as payment in full for the money you borrowed when you bought your house. Banks nowadays are agreeing to short sales because of the drop in real estate values and they see short sales as a way of cutting their losses. It is called a short sale, because under normal circumstances when you sell your home, you pay the bank off in full. With a short sale, at the closing or passing of the papers, you are short the amount of money to pay off the bank in full, but if they agree to this, it could benefit you greatly because you will have avoided a foreclosure on your credit rating.


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