What is a Short Sale?

A short sale is when a borrower sells their underwater property for less than the mortgage owed, with the remaining debt forgiven by the bank. It benefits both the borrower and the lender.

Quick and effortless short sale solutions.

  • Homeowners won’t incur any expenses…guaranteed
  • You can walk away without owing any money to the bank
  • Sidestep foreclosure.

Would a short sale be a suitable procedure for me?

Here are some reasons why some property owners opt for a short sale:

  • When the property’s value is less than what is owed and keeping it doesn’t make financial sense.
  • If you’re struggling to make mortgage payments.
  • When monthly payments, interest rates, or mortgage balances have been on the rise.
  • If you’ve moved to a new residence and are unable to afford the current property while also paying for your new living situation.

What kind of hardship would be deemed legitimate by my mortgage lender?

The specific criteria for a legitimate hardship are determined by the mortgage company processing the short sale request, and may vary depending on the lender. However, the following are some of the most common hardships that mortgage lenders tend to accept:

  • Job loss or significant decrease in income
  • Family illness or injury
  • Divorce or separation from domestic partners
  • Unexpected increase in living expenses or adjustments to mortgage payments
  • Illness or injury in the extended family, particularly if it necessitates relocation
  • Job relocation when the property is worth less than what is owed.

We will guide you through the paperwork and provide any necessary information that your mortgage company requires to facilitate the short-sale process. Our team will be with you every step of the way to ensure that everything is submitted accurately and on time.

What criteria determines if I am eligible for a short sale?

A property usually goes through a short sale process when it is approaching foreclosure, which happens when the homeowner is at least three payments behind and one or more mortgage lenders have filed a foreclosure lawsuit. However, you don’t have to wait for this situation to occur. If you’re behind or in default on your mortgage payments, you could be a potential candidate for a short sale. A short sale involves the lender accepting a payment that is less than the original amount owed. If you have equity in your home and are struggling to keep up with your mortgage payments, reach out to us to discuss the possibility of selling your home.