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Short Sale : Writing A Letter Of Hardship

December 5, 2012 by Kim Abbott

A short sale is when a property is sold for less than its remaining mortgage principal balance, and executed as a way for both the existing homeowner and mortgage lender to reduce their respective losses. Typically, although not always, short sales are reserved for situations of extreme financial hardship; just prior a bank beginning foreclosure proceedings. Short sales are not automatic, however. Homeowners must often prove the merits a short sale to their lender, which often involves documenting that selling the home for less than its worth is the best and most viable option for all parties … [Read more...]

Filed Under: Personal Finance Tagged With: Distressed Property, Hardship Letter, Short Sale

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