Short Sale Info

What is a Short Sale?

A short sale ia an agreement in which your mortgage lender(s) agree to accept a payoff on the loan for less than the balance. Many lenders agree to a short sale because they receive more of the loan balance in comparison to the amount they would gain from selling the property following a foreclosure. This process also aids in maintaining home values in the community the property is located and helps the homeowner maintain a better level of credit compared to a foreclosure. In most instances, homeowners considering a short sale must meet specific criteria to qualify: you must be behind in your mortgage payments(not Always required – certain exceptions apply), provide evidence of economic hardship, and have little or no equity in the property.