An interest only mortgage is a form of mortgage where you can pay only the interest and doesn’t pay off the principal amount for a period and in those times; the obligation balance will remain the same.
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The best time to choose a short sale is when you owe more on your home than it is worth. Let’s say that your home is worth 450,000 and you owe 470,000 then a short sale would be the way to go. Obviously, if you do not have to sell your home, you could wait out the market and hope for a turnaround in real estate values. For the last few years the “home equity line of credit” has gotten a lot of attention. |
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