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What is a Short Sale?

What is a short sale? Financial and real estate experts answer the question and explain how to short sale, why short sale, and the ins and outs of selling short for homeowners with an underwater mortgage. In this case, what you don't know can hurt you. For example, did you know that shortsales are a contract law issue and that anti-deficiency laws don't apply? Did you know that you could be trapped still owing the bank without the right letter of debt release? Learn short sale how to in this short video by Homeowner 101.

Do Homeowners Have a Moral Obligation to Pay the Mortgage at All Costs?

Pat Lloyd and Tyler Heymann of Prism Financial Concepts discuss the issue of "moral obligation" and short sales. Do homeowners have a moral obligation to pay the mortgage at all costs? Banks certainly don't hold themselves to that moral obligation - they frequently default on their mortgages when doing so is the right business decision. Says Pat, "Please don't hurt your financial future to hang on to an under water home. It is not your moral obligation to do so."

Short Sale Credit Score: What Underwater Homeowners Need to Know

Get expert advice on short sale credit plus foreclosure and credit. What do homeowners with an upside down house need to know. If you sell short or mortgage default, when can you buy a home again? Learn whether a short sale v. foreclosure is worse for your credit. Understand the difference between a credit score and credit profile, and learn how your credit score affects you.

Underwater Homeowners: Is Loan Modification Right for You?

Most government mortgage help programs are about loan modification. Some banks, too, have said that they will modify mortgages for homeowners who need help. But for under water homeowners, is loan modification the right decision? Financial factors to consider, presented by Tyler Heymann and Pat Lloyd of Prism Financial Concepts.

How Emotionally Attached to Your Home Are You?

Underwater homeowners, look at the numbers and decide: "Am I that emotionally attached to this home that I'm willing to spend my kids' college funds, my retirement money, to keep this house afloat?" Make the decision that is best for you, but understand the financial impacts of it.

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