This article describes the pros and cons of short sales and loan modifications. It offers some useful tips for deciding which would be the best option for you.
When you agree to enter into a mortgage on a home, you are agreeing to abide by specific terms set out in a loan agreement. You agree to a payment schedule and a payment amount, based on the amount of the mortgage loan and the interest rate offered by the mortgage company. But what are your options when you find that you can no longer abide by the terms of the agreement? For whatever reason, if you find yourself unable to meet your mortgage payments, there are several options available.
