Suppose you can’t pay your mortgage, and you can’t sell your house because you owe more than it’s worth. You’re in quite a pickle.
You can stay until the sheriff shows up with the move-out order. Or, as more people are doing these days, you can try to escape your debt with a short sale.
Put the house on the market, and find a buyer willing to pay less than the mortgage amount. Then convince the bank to eat the difference, letting you off the hook for the remaining debt.
Short sales made up 8 percent of all home sales in metro St. Louis this spring, according to figures from RealtyTrac. Foreclosures make up 10 percent.
Attorney Elizabeth Kayser has made a specialty out of negotiating such deals, and it’s not a pleasant business. There are only two winners — the real estate agent, who gets a commission, and the attorney. There are losers aplenty.
|6 Foreign Foods Invented In USA|
|Why ‘Lumberjack’ is No Longer a Job|
|The Invention of the Red Party Cup|
|Let the Dogs Do the Laundry|
|How the Differential Gear Works|
|Taking Kid’s Inventions to the ‘Next Level’|
|Romanian Salt MineThat Became a Tourist Attraction|
|How Simple Ideas Lead to Scientific Discoveries|
|A Day in the Life of a Mortician|
|50 Years, 50 Toys|