What one of the nightmares everyone tries to avoid is losing a home to foreclosure for sure. In case you are missing your mortgage payments and think staying at home is not an option, a short sale might be the best thing to do. Is the short sale right for you?
The following infographic will help answer that question. Moreover, this infographic explains some of the main pros and cons of the short sale. However, if you are not aware what a short sale is then read a definition is provided.
When it comes to the advantages and disadvantages of short sales, you should always consider them in your own perspective. For example, you will avoid foreclosure and has a small impact on your credit. On the other hand, lenders do not approve all short sales, and you may have to consult with an attorney.
Another issue related to your expectations or the lack of them. Keep in mind that many times it takes the bank 60 days or longer to make a short sale decision.
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