If you are a homeowner behind in your mortgage payments, it's easy to want to ignore the problem and hope it will go away. However, doing so could result in severe, life-long consequences that will affect your credit, your employability and your overall quality of life. There are alternatives. You are not alone, but you must act quickly.
What is a Short Sale?
Many homeowners wishing to avoid foreclosure can do so through a short sale. A short sale occurs when a homeowner with a financial hardship enters into negotiation with their mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is thus ‘sold short’. In order to have a short sale approved, a seller has to be in or be headed for foreclosure.
What a Short Sale is NOT
A seller without a financial hardship that is upside down on their mortgage is not a potential short sale, they are a dissatisfied homeowner.
Important Links
Qualifying Financial Hardships
Short Sale FAQ
Short Sale vs. Foreclosure
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