When many individuals are losing their homes due to their lack of ability to pay their mortgage liabilities, owners are continually looking for ways to decrease their losses thru various means. One of these is doing short sales.

What’s short sale?

A short sale takes place when the mortgages against a property are greater than the property’s selling price. Many house owners resort to short selling to avoid foreclosure on their homes and at the same time still be able to pay off the loan to the lender through settlements.

Short Sale Taxes

Renegotiate a lower payment, or lower interest rate that would lower the payment.
Try to defer a couple payments (some lenders allow this)
Find a private lender (someone that has enough money to buy out the mortgage and then you just pay them back under whatever terms they set up with you)
Get a part time job to help make payments
Get someone to rent your basement or a room or suite (this would still be your principal residence, you’ve just got a ‘roommate’ now as well).
Create a budget and really analyze where you money is going and ways to free up cashflow.