Condo owners who are having trouble making their mortgage payments needn’t think that foreclosure and possible eviction are the inevitable results.

“Short sale”, in which a lender accepts less for the property than what the seller owes, is a potential way for the condo owner to exit the property more easily than a painful foreclosure process.

Condo owners may find themselves having difficulty paying their mortgage for a variety of reasons, including illness, loss of employment, a reset in the mortgage rate, or other situation. Often in such circumstances, mortgage payments fall behind, the condo owner tries to dodge the lender and a foreclosure may be the result.

With a short sale, the lender basically agrees to settle for less. Why? Typically because of all the mortgage payments that the lender will never get, as well as costs associated with the other option--foreclosure.

Short sales are not necessarily easy to arrange. A hardship case must be established by the condo owner, and the potential loss to the lender through the short sale must be less than the costs the lender would normally encounter through a traditional take-back of the property. Ultimately, the lender must agree to this option.

Contact OwnACondo.com to learn if a short sale would be a possibility in your unique situation. Working with an attorney, one of the short sale specialists at OwnACondo.com can help you find answers.

Call 866-696-2266 today, toll free.