| Nearly 50% of all marriages end in divorce, and while | | | | payments during and following their separation. And in |
| no one anticipates this event occurring in their lives, it | | | | extreme circumstances, couples are unable to |
| can certainly cause more damage than just emotional | | | | continue making their mortgage payments, causing |
| for the couple. Millions of individuals going through | | | | them to face foreclosure. But, what if there were |
| divorces are faced to make tough financial decisions | | | | another financial option available? |
| about the division of their joint assets. And while under | | | | How a Short Sale may Help! |
| normal circumstances these decisions are challenging, | | | | Short sales have given divorcing couples another |
| liquidating assets such as real estate during a | | | | financial option to consider when determining how they |
| downturned economy can present greater financial | | | | are going to address current property ownership. A |
| challenges for couples than during a strong economy. | | | | short sale refers to a property sale in which the sales |
| What to do about Jointly Owned Real Estate? | | | | price is lower than what the property owner's currently |
| Many divorcing couples decide to liquidate their current | | | | owe. The mortgage company must approve this type |
| real estate in their divorce settlement, either to capture | | | | of sale, as they will be receiving less than what they |
| and divide equity within the property, or because | | | | are currently owed when the sale is completed. But, |
| neither party can afford to carry the mortgage | | | | often times they will approve this type of sale as long |
| payment on their independent salaries. In a strong real | | | | as the sales price is reasonable, as this result is more |
| estate market, as what many residents of Virginia, | | | | favourable than a foreclosure. |
| Washington D.C. and Maryland experienced several | | | | And, when you short sell your property, both of you will |
| years ago, selling a property under these | | | | be able to move on with your lives, without the stress |
| circumstances was a piece of cake. Today, things are | | | | of carrying a mortgage that you cannot afford or with |
| much different. | | | | the worry of a foreclosure damaging your personal |
| With the current real estate market, many divorcing | | | | credit scores. This solution may be just the answer |
| couples are struggling to make their mortgage | | | | you have been searching for. |