Have Questions? We Have the Right Answers.
What is a short sale?
A short sale is when a property is sold for less than what is still owed on the mortgage by the owner.
When a homeowner needs to sell but is unable to continue making mortgage payments, a short sale is an alternative to foreclosure.
Instead of taking the property back through foreclosure and attempting to sell it later, the lender offers to accept less than the whole amount owing in order to pay off a loan now.
_________________________________________________________________________________________
Should I Short Sale my home over Foreclosure?
A short sale is usually a better option than a foreclosure In general, if you complete a short sale, you will have more opportunities later on when you want to get a loan to buy a house.
_________________________________________________________________________________________
Will a Short Sale stop a foreclosure?
A short sale may not always prevent foreclosure.
However, it's possible to persuade a lender to put off the foreclosure in order to pursue a short sale.
_________________________________________________________________________________________
What Qualifies me for a short sale?
Your mortgage balance exceeds the value of your home.
Due to a personal financial situation, you will be unable to make any future payments on your home.
_________________________________________________________________________________________
How long does a Short Sale take?
Getting a short sale approved can take weeks or even months.
Before a short sale is approved, many lenders must satisfy many tiers of management, insurance, and investors.
_________________________________________________________________________________________
I have Multiple mortgages on my home. Can I still do a Short Sale?
Yes. Each mortgage can be negotiated individually.
