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What is a short sale? It is when you want, or need to sell your house, and it is not worth enough to pay off your mortgage in full.

What type of person enters into a short sale? People that can not handle their finances? People with bad credit? People who bought more house than they afford? My experience is that this is often not the case.

The people I assist with short sales come from all walks of life. I have helped doctors, warehouse workers, pilots, business owners, store managers and many more. These individuals frequently have good credit and a history of financial responsibility.

So what causes them to pursue a short sale? A few reasons that cause people to enter into a short sale transaction are marital changes, job transfer, loss of income or health issues. These are problems that any one of us could experience and if you find yourself in one of these situations, and exploring a short sale, it does not mean you are a bad person or fiscally irresponsible. What it means is that you are human and experiencing one of those hurdles that life throws at you.

What should you be doing if you think a short sale is an option for you? Researching. You should be reading what you can online, you should be talking to a trusted realtor, you should be calling a professional that regularly handles short sales and is familiar with the process.

Standing by and waiting for your lender to dictate how your problem will be handled is not an option. Foreclosure and bankruptcy can oftentimes be avoided but you have to be a part of the solution by being proactive.

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Heise & Heise, LLP
3233 Eastern Ave
Baltimore, MD 21224
(410) 276-1983