Facing the possibility of foreclosure is never pleasant, but could be the harsh reality for some families who fail to make their Memphis mortgage payment. If you find yourself about to foreclose on a property, it may be time to speak with your lender to see if a short sale is right for you. If you qualify for a short sale, mortgage lenders in Memphis will accept less for your home than what you actually owe. In order to qualify for a short sale, you will need to prove to the bank that you can’t make your mortgage payments. You’re more likely to find favor with a bank for a short sale over a foreclosure, since foreclosing on a property means a lengthy (up to 2 years) and expensive process for the bank with no money as a result. At least with a short sale, the bank will get a little bit of cash for the home.
http://memphis.churchillmortgage.com/blog/2013/10/01/should-you-choose-a-short-sale-and-make-a-deal-with-the-mortgage-lenders-in-memphis/
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