A term which has been heard often lately is “Short Sale”. This is when a homeowner owes more than what the home’s value in today’s market. A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers mortgage and closing costs (property taxes, transfer taxes, agents commission). This problem will be coming up often as some adjustable rate mortgages kick in. Fannie Mae and Freddie Mac can assist some subprime borrowers, having the lenders offer loan modification options. If a homeowner is in this situation they should make sure their dealing with a real estate agent who has some experience in short sales.
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