Loan Modification Alternatives: Short Sale Your Home

Short Selling your home could be the win-win-win alternative to loan modifications. Loan modifications can be expensive for lenders and borrowers. Foreclosures are even more expensive costing lenders billions of dollars. According to a study carried out by the congressional Joint Economic Committee (www.jec.senate.gov) each foreclosure can cost lenders as much as $50,000. Homeowners naturally don?t appreciate foreclosures either as they often end up causing borrowers to file for bankruptcy besides losing their home. The other players in the foreclosure game are the neighbors of the homeowners that lose their home. The empty homes that are dumped on the market bring down the prices of all the homes in the neighborhood. Short Sales can be a win-win-win situation for the lender, borrower and