The short sale is an important tool for helping distressed homeowners avoid foreclosure and eliminate their mortgage debt, however they can still be a bit of a mystery for borrowers. There are misconceptions and there are little known facts.
Freddie Mac senior vice president Tracy Mooney has a detailed blog post dispelling the myths of short sales.
Among other things, she explains why “Even if you are current on your mortgage payments, you may be eligible for a short sale” and “If you meet the other eligibility requirements, you may be able to obtain a Freddie Mac short sale even though you have a second mortgage.”
Take a look and see what may surprise you about the ever-changing business of short sales.