In Lakeland and all of Polk County, foreclosures are a big deal. In 2008, 9,467 cases were filed; numbers for 2009 are expected to be about the same. Many homeowners, with their homes at risk due to unemployment and rising mortgage payments, need an alternative before the situation gets that bad. A short sale is becoming a popular way to approach the problem. About half of Polk County's current sales are short sales or bank-owned homes, which means the foreclosure went through and the home is on the market again. Ever wish someone would explain a "short sale" to you? Well, let's give it a try right here. A short sale can be defined as a sale wherein a home is sold for less than the current mortgage balance. There are some qualifiers to this type of sale, however. First, the lender has...
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