What are the alternatives to a Short Sale?
- When the borrower can no longer make the payments and has not found a qualified buyer that has made an offer on the property, then foreclosure likely will be the alternative. However, foreclosure isn't much of an alternative at all. (See Video: How is my credit affected by a short sale?)
- Applying for and obtaining a loan modification to lower the monthly payments on a mortgage has proven to be largely unsuccessful despite the positive talk on television and radio.
A Short Sale usually proves to be the best option for many homeowners who cannot make the payments on their house.