If you are dealing with foreclosure in Philadelphia, PA and can no longer afford your home, you might get a Short Sale. A Philadelphia short sale is when a homeowner sells his or her residential or commercial property for under the quantity owed on the home mortgage. If your home mortgage firm agrees to a quick sale, you are able to market your house and settle all your home mortgage balance with the proceeds. Depending upon your scenario, you might be needed to produce a financial payment to obtain a quick sale. The majority of lending institutions would choose a quick sale in Philadelphia, PA to a foreclosure procedure due to the actual fact that it enables them to recoup just as much of the original loan as you possibly can without a costly legal process.