Short sale: alternative to foreclosure?

So you're upside-down in your mortgage, owing more to the bank than your house is worth. You have to move, either due to personal matters, or simply because you can't swing the payments any more. You've had decent credit in the past, but the threat of bank foreclosure gives your stomach knots. Is there any other option?

We've talked before about renegotiating terms of your loan with the lender, as many of them are no more eager to take over your property than you are to give it to them. However, if you simply have to get out from under the property, the short sell might be an option. Read More.

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