During this current mortgage situation, many Massachusetts homeowners are facing foreclosures.  To add to their foreclosure woes, many of these foreclosed homes are considered "underwater" on their loans. 

This means that the homeowners currently owe more to their lender than what their home is worth.  Now homeowners trying to avoid the possibly credit destroying result of foreclosure, and are instead choosing to sell their home for less than what they owe the bank. 

This process is called "short sales", and of course has created a tremendous buyer’s market, while helping the homeowners unload their homes. For more information on Massachusetts "short sale" homes or about the foreclosure procedure, please contact John McCann at RE/MAX Results.

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