Short Sales and Foreclosures: What You Don't Know Can Hurt You

As the real estate market nationwide continues to struggle, millions of homeowners find themselves upside down; that is, owing more on their mortgages than their properties are worth. Many millions of these owners could be faced with the need to move from their homes as a result of job changes, health problems, or divorce. So, what is a homeowner supposed to do if they can't sell their property for enough to pay off the underlying loans? Many are considering two much-publicized options: attempting a short sale, or just walking away from the property and letting the bank take it back in foreclosure.

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