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Health & Fitness

Comparing A Short Sale To A Foreclosure

There Are 3 Primary Questions Determining Moving Forward In A Short Sale:
1. Do you have a financial hardship or a verifiable reason that shows you are unable to pay your mortgage payment?
2. Are you insolvent? You must have insolvency in the eyes of the bank, or you must not have the cash or the assets to pay off your mortgage balance.
3. Do you have a monthly shortfall or verifiable financials that show you are not able to pay all of your monthly obligations including your mortgage payment?

These 3 requirements may be enough to obtain a short sale through your lender.

In almost all cases a short sale is better than a foreclosure. Let’s take a closer look at why a short sale is better than a foreclosure.
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