After living in their home 17 years, a Lancaster County couple faced the unthinkable:
The prospect of losing that house because they fell behind on their mortgage payments. The financial nightmare started when the wife lost her job in the medical field.
But instead of awaiting foreclosure, the couple decided to list their Warwick Township residence for "short sale" — a transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan.
It's called a short sale because the property sells "short" of what's owed on the mortgage. And real estate professionals say short sales can be less damaging to a borrower's credit rating than foreclosure
Read more: 'Short sales' avoid foreclosures
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