Are you doing everything that you can just to avoid foreclosure? Well, short sales may become a more reasonable option for you soon.
Although the latest mortgage modifications that President Obama promised will not come into fruition until fall, people who are already in trouble can make things move faster; and short sales could save their credit, too. Unfortunately, short sales take some time because banks also take their time in approving them.
For banks that choose to cooperate in this endeavor, though, the government has plans of handing out checks in a few weeks. Many more lenders are starting to want to work with people for short sales since there are more benefits to them compared to foreclosures. And, because potential homebuyers can find great deals with them, it is completely a win-win situation. Clearly, if you are facing unforeseen circumstances right now, this would be the greatest option out there.