Short Sale Info
If you or someone you know cannot afford their mortgage payments, consumer credit counselors generally suggest that you contact your lender and request enough time to list the property with a real estate agent and sell it.
If you are not too far behind on your mortgage payments, the lender may agree to what is known as a short sale. If not, then lender may choose to foreclose.
If the lender agrees to a “short sale” this means that the amount you receive for your home is less than what you owe the lender. Another way to think of it, is you go to the closing short of funds to close on the property. There are advantages to a short sale. In the case of a short sale, the lender agrees to accept the proceeds of the sale and forego the remainder of the loan balance. By accepting a short sale a lender can avoid a lengthy and costly foreclosure and the home owner is able to pay off the loan for less than they owe and since this is not a foreclosure, it may not have the potentially devastating effects on a credit score that a foreclosure will cause.
If you or someone you know might consider a short sale as a good option for selling property or are interested in purchasing a property in a short sale, I am here to help you. I have a very successful history of assisting sellers and buyers in our community with this circumstance. To learn more about how I can assist you or someone you know, call me today at 508-212-6511