3. Selling the Home
- Short Sale: If you need to sell your home but it’s worth less than the mortgage balance, you may consider a short sale, where the lender agrees to accept less than the total amount owed. This can avoid foreclosure, but it can still negatively impact your credit score.
- Covering the Difference: If you sell the home and the sale price is less than the mortgage balance, you’ll need to cover the difference out of pocket unless your lender agrees to forgive the remaining debt.
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