What is a "Short Sale"?
What is a short sale?
A Real Estate short sale occurs when the homeowner sells the house for less money than is owed on the mortgage.
In order to conduct a short sale, the seller needs the permission of their lender.
The shortfall between the sale price and the value of the mortgage is often forgiven by the lender.
In some cases, your mortgage company may request the seller to contribute to the sale in the form of cash at close of sale or a Promissory Note that will be for a small portion of the amount owed…
Example: You owe $50,000.00 on a 2nd lien or Home Equity Line of Credit (HELOC). The bank holding this mortgage or...Read More
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