Can a Short Sale Help Me?
Many homeowners in trouble with the banks want to know if a short sale can help them out of the situation they are in. The problem is that, a short sale is only reserved for when the homeowner is upside down in his or her mortgage.
If a homeowner simply cannot afford the house payments but the home has equity in it, then the bank will not accept a short sale proposal.
The homeowner has to prove to the bank that it is more beneficial for them to go ahead with the short sale than try to foreclose on the home. This is usually the case when the homeowner owes too much and even if the home sells, he or she still wouldn’t be able to pay.