A short sale is when a lender allows a homeowner to sale their home (preferably without penalty - meaning deficiency judgement) for less (short) than the principal balance. Why Lenders Allow Short-sales?
If you have a change in income, lost of a job, change in loan terms, death of family member, or fallen behind for other reasons in your home loan the lender may allow you to short-sale your home if you can't afford it or you are behind in payments there are programs for Military personnel that allows short sales see information in earlier post.
Frequently Asked Questions
If I need a lot of repairs can I short sale my home? Yes this will not stop a short sale.
Can I receive compensation for moving? Some lenders will give the homeowner 3,000 to 30,000 for a cooperative short sale this is lender specific.
If my home does not need repairs will the bank allow me to short sale? YES
How long does it take? 1 month to 2 years depends on the lender.
Do I have to move? NO
Do I have to pay mortgage while I'm in the home? NO
What is a deficiency judgement? It is when the bank issues a 1099 and the homeowner is responsible for the difference of loan amount and sale amount. (make sure you avoid this)
If you want to short sale let us help you! We buy and negotiate short sales and/or work with realtors. No more searching for buyers. It's simple a guaranteed buyer! Call 888-879-3207 Like our Facebook Fan Page. Thanks for allowing us to serve you!
