How Do Short Home Sales Work?

Mortgages have become problems for millions of people in America. The housing bubble and concordant debt explosion from 2003 to 2007 resulted in many people taking on more mortgage debt than they could afford. Now that home prices have fallen dramatically from their peak, close to 30 million people have negative equity. Their mortgage balance is greater than the value of their homes. This dreadful circumstance has resulted in record numbers of short sales as homeowners attempt to escape their mortgage contracts. Short sales are unpleasant experiences, but given the current dire straits of the economy, people must understand how they work.

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