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	Home  Search for Homes  Featured Listings  Contact Login  Sign Up Now  Your Home's Value  Contact Me  Mortgage Calculator  Recommended Lenders  Foreclosure Help and Short Sales FORSLEY REAL ESTATE 47 TOTMAN ROAD LOWELL MA 01854 Phone: 978-375-9539 Cell Phone: 978-375-9539 Email: KFORSLEY@COMCAST.NET Privacy Policy			SHORT SALE OR FORECLOSURE ? If you can no longer make your mortgage payments and your home is now worth less than you owe on it, foreclosure may not be your only option. A short sale, in real-estate terms, is the sale of a house for less than what the owner still owes on the mortgage. If the lender agrees to a short sale, the rest of the homeowner's debt typically is forgiven. Lenders sometimes agree to the procedure in order to take a small loss and avoid the lengthy and costly foreclosure process. While there are some significant negative consequences to a short sale, an ever-increasing number of properties are being advertised with that label. Short sale: Win-win-win situation The beauty of short sales is that they can be a win-win-win situation for seller, buyer and lender. Here's how: The seller gets out of the mortgage liability without facing bankruptcy. The buyer gets the home at a reduced price. The lender agrees to a loss it considers minimal without going through a foreclosure and being saddled with an unsalable property. While it may seem surprising that lenders would agree to accept less than what they are owed, they benefit from the process, too.