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February 02, 2008

Short Sale

A short sale provides homeowners the opportunity to sell their home for a lesser amount than is owed on the mortgage note. Engaging in a short sale can help the homeowner avoid foreclosure and reduce negative impact to their credit. In essence, a short sale allows the homeowner to give their home back to the lender and walk away from the property.

While a short sale may sound appealing, it's important to understand what a short sale is, how it works and how it can affect your income and tax liability. If you do not understand the process, it could end up costing you a considerable amount of money.

A short sale is a complex process, so it's best to work with a professional such as Simon Volkov. However, you'll first need to contact your lender's Loss Mitigation Department and inquire about their short sale process. Each lender has their own set of guidelines and not all lenders will enter into a short sale agreement.

Real Estate Investing article on "Short Sale"