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What is a short sale?

Foreclosure is a scary process. On the bright side, if you are facing foreclosure you may qualify for a short sale instead. A short sale is when you sell your home for less than the balance remaining on your mortgage. This is also known as a pre-foreclosure sale.

The transaction may not sound ideal but a short sale is often a better option than bankruptcy or foreclosure. The benefits of a short sale are that you can avoid the arduous foreclosure process; you can begin to repair your credit sooner; you may qualify for relocation assistance; and you can reduce or eliminate your mortgage debt.

A short sale may be an option if:

  • You are facing a hardship

  • You are ineligible to refinance your mortgage

  • You owe more on your home than what it’s worth

  • You have not received offers on your home that cover what you owe

  • You relocated for work

At Casabella Miami Realty,a group of licensed professionals have initiated Project S.A.V.E. to help individuals save their homes from foreclosure. To find out whether a short sale is an option for you contact one of their specialized agents at 786-542-1655.

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