CHAPTER 9 Short Sales (And When They’re Necessary) e Necessary) Let’s think back. Remember earlier in this book, when we discussed the importance of early preparation and adjusting your mindset to move quickly when exploring your foreclosure options? If you are early enough in the process and have only missed a couple of payments, you might be able to walk away with some money from the sale of your house. You might not be able to buy another house right away, but you will still put yourself in a better position to work toward that in the future. Don’t ignore any legal papers sent to you — or given to you by a process server. Yes, it’s uncomfortable to be bombarded by legal notices, but avoidance is not an effective strategy. Don’t risk losing your house only to be left with an additional debt to the lender after the foreclosure. If you are getting close to foreclosure and have already eaten up the equity that you had built up in the house, then you might want to explore another option: the short sale. Even if you are already in the foreclosure phase with your lender, there might still be time to conduct a short sale of your house.
WHAT DOES A "SHORT SALE" MEAN? T SALE" MEAN?
Few consumers are familiar with the concept of short sales. In fact, a surprising number of real estate agents don’t even understand all the ins and outs of this process. Sometimes, when foreclosure is inescapable, the lender may agree to let you sell your house for less than the outstanding balance you owe on your 58
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