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Is a Short Sale better than a Foreclosure and why? – Part III

Is a Short Sale better than a Foreclosure and why? – Part III

What can one do to try to avoid having to experience this nightmare? Short Sale the property! A successful Short Sale can result in a win-win scenario for all parties involved. A Short Sale is an opportunity for the Mortgagor to try to prevent any version of the foreclosure nightmare while trying to actively mitigate the losses for all involved. A successful Short Sale handled by a Real Estate Attorney may result in the Bank or Lender releasing the lien of the Mortgage and also canceling (forgiving or writing off) the Promissory Note and providing a full release of their deficiency judgment rights. The best outcome of a Short Sale is the issuance of a 1099C which concept shall be left on the table for future discussion. Read the rest of this entry