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how does short sale work?

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joanlargey Joined: 02 Aug 2009 Posts: 1 1.00 Dollars($)	Posted: Sun Aug 02, 2009 12:44 pm    Post subject: how does short sale work? Like 0 Dislike 0 No longer can afford home in AZ. If I "walk away" what happens???
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Sun Aug 02, 2009 7:17 pm    Post subject: Like 0 Dislike 0 Hi joanlargey, If you walkaway from the property, the lender would foreclose the property and get it sold to recover his dues. In my opinion, you should apply for a short sale with your lender and check out if he accepts it. A short sale sale is one of the options to avoid foreclosure. However, you should note that you would be liable to pay the deficient amount resulting from the sale of the property. It will lower your score by 75-100 points. _________________ Procrastination is the enemy of your financial success

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