Short Sales - What are they?

Having trouble paying your mortgage can be frustrating.  There are options though.

Short Sales:

The term Short Sale has been a hot topic for the media over the past two years. But what exactly is a short sale? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan.

If you are trying to avoid a foreclosure this could be an option to pursue. However, if you sell your home for less than what is owed, the agreement will not release you from the deficiency. A deficiency is the remaining balance of the borrowed amount. For example, if you owe $100,000 on your home and you sell it for $90,000 you will owe the remainder.
If you decide that you are having trouble, the first step you should take would be to contact a HUD Counselor at the HUD Website. Their Foreclosure prevention counseling services are provided free of charge.