Today’s economy has been rough on most everyone’s pocketbooks, and when it comes to prioritizing payments, mortgage payments can take a hit. If you find yourself in a bind, owing more than your Santa Cruz real estate is worth and you can’t afford your current mortgage, then you might want to consider talking to your real estate agent and bank about the possibility of a short sale.
To help you prepare for those conversations, here are the basics about short sales:
• What is a short sale? A short sale is an agreement that your Santa Cruz real estate agent negotiates between you and your bank to sell your home for less than you still owe. The bank absorbs the loss so that the seller doesn’t have to repay the balance of the mortgage.
• Why would you…