Short Sale Resources for Homeowners

Many Times The Short Sale Proceeds

Many times the short sale proceeds will be insufficient to pay your first mortgage off, let alone the second. The second mortgage lender may accept partial payment as a short sale but they may refuse to release you from the possibility that they will pursue your assets in the future. The statute of limitations for this sort of thing can be as long as four or five years, depending upon your state.

The best way to protect yourself is to do a short sale through a capable intermediary, or learn what you are doing before you start engaging your lender in a discussion. Then you can negotiate a release so the lender will not come after you later.

For information I urge you to visit this link about how they can come after you later for foreclosure losses, and get my free 25 page important report Keep Your Home Avoid Foreclosure which has details on short sales, avoiding bankruptcy, how to deal with credit card debts and more.

Avoiding foreclosure and negotiating a short sale for the more expensive home is more and more critical. It can affect your financial future for years to come.