Learn the short sale in detail


There come situations when the borrower of loan for the house purposes is not able to completely pay off the debt and start making the defaults. In this situation, banks usually have two options. They can either go for the foreclosure option or can settle the deal or transaction through short sale. Foreclosure means the lender tries to sell the security asset and involved the legal consultants to recover the money from the borrower. However, short sales mean the lender agrees to take less payment to settle the debt. Short sale is beneficial for both the lender and the borrower in many ways. Lender is not required to get into the litigation process where he might be expensing out more on the commission charges and the borrower is obviously on an advantage of getting cleared in less money. Credit score of the borrower is less affected through short sale as opposed to the foreclosure. There are many differences in these two options, and these are explained in detail in this article. 

For more information click on this link #shortsalerealtor.
 

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