Many people are in Orange County are trying to save their homes from foreclosure because of the mortgage industry upset. However, there are those that will not be able to save their homes. They have two options: 1) let their home go into foreclosure or 2) sell it themselves for less than they owe and ask the lender to eat a loss. If the lender agrees to the second option then the home will be sold as a “short sale”. According to the Southern California Multiple Listing Service, short sales show 193 short sales listed from July through Aug 23. That’s way up from last year’s 23 listings during the same time.
Selling at a loss can protect you credit and save you money.
Go to www.ocregister.com/money for more information.
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