To answer any questions that you may be wondering from the onset of this blog, a mortgage short sale is where you sell your home to another qualified buyer, you do not keep your home. This process of a mortgage short sale is a process that allows the bank to avoid losing a lot less money than they would in a typical foreclosure and the process of allowing the borrower to get out from underneath a loan that they can no longer afford without having to take the hit of a foreclosure on their credit rating, which can last up to ten years on their report. So now that I have explained what a mortgage short sale is, the next question is do you need one? Are you too far behind on your payments to ever catch up? Have you tried negotiating with the bank and they are not all ears, basically telling you that they are hapless to change your situation. Do you not see the future looking any brighter? If you have answered yes to all of these questions then yes, you need a mortgage short sale. You are in a situation where you could go through a foreclosure, but a mortgage short sale will negate all of that.
