When we think of a short sale situation we usually think of a homeowner experiencing a hardship and not being able to pay the mortgage. But, the truth is that a short sale should also be considered on more situations than just a distressed situation. The ultimate goal of a short sale is to position the homewoner in the best fiancial situation to be able to buy again. An example would be someone who is upisde down or underwater, which ever expression you prefer, and a modification only lowered their payment and not the pricipal. The bottom line is that with a short sale a person in this situation would save more money by doing a short sale and positioning to buy again in as little as 3 years at a much lower price, with better interest rate and with a potential large down payment. Analyzing the numbers and seeking the long term financial health should be priority before considering to keep a home under water.
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