Short sale opportunities allow an individual to improve his financial condition. A homeowner can now repurchase his own home at a discount or sell his property at current the market rates, rather than paying for a mortgage.

With the on-going financial instability in the market, an underwater mortgage and job loss only adds to the already existing financial woes of the individuals, trying desperately to keep their head afloat. A job loss is of vital importance as losing the source of income virtually makes our life come to a standstill. And with an underwater mortgage being compounded with a job loss, the stress can only double. In this situation short sale opportunities have come practically as a new lifeline for many. Instead of paying a hefty sum for a mortgage, I can now list and sell my home at the on-going market price devoid of any penalty or even repurchase a home at a discounted price.

According to the Mortgage Forgiveness Debt Relief Act, 2007, if Top Oro Valley Realtor property owners like me list and sell my home through short sales, then the forgiven mortgage debts can be structured not to have any annual tax levied on them. As financial institutions not only earn an income through lending but also through foreclosing of home and short sale structuring, this tax exemption may also be a financial institution’s incentive towards individuals.

Sometimes property owners can also repurchase their sold home at a far lower price through negotiation. Getting approval for a short sale through the lender, having a good credit rating and a favorable financial situation, an individual can obtain a new mortgage through a local lender for repurchasing his own home. Though the repurchase carries a lot of risk, the outcome can often be extremely favorable for the homeowner. Time sensitive in nature, it usually requires very quick action. With short sales being treated more favorably than a foreclosure, qualifying for a new mortgage becomes a lot easier.

A short sale causes far less damage on your credit report than a foreclosure. While a foreclosure stays on the credit report for a period of ten years, a short sale record remains on the report only for eighteen months. It is highly advisable to conduct financial planning before venturing for any deal. With an attractive credit rating, a homeowner can obtain a new mortgage through a local lender and use it against another mortgage taken for a short sale, to apply for an automotive loan.