In today’s housing market, short sales are just starting to look better to lenders, and the federal government has even chipped in with a program to speed them up. But what are short sales, and how can you use a short sale to avoid foreclosure when you’re behind on your mortgage? In a short sale situation, your mortgage lender agrees to accept what’s called a “short payoff”-this means that the bank or other lending institution will accept less than the amount you owe when you sell your house.
More: Short Sales 101 – What You Need to Know
