What Is a Short Sale? And How Does It Work?

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If someone misses a few payments on their mortgage and cannot afford to continue to make them, it is only a matter of time before they will be in foreclosure. A foreclosure results in eviction from the home, loss of the possession of the property, a negative impact on a credit score, and still having to pay off the remaining equilibrium of the debt. A foreclosure has a valuable impact on the well-being of someone and their family, but a short sale offers the homeowner a way to avoid foreclosure.

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A short sale is when the homeowner is granted permission by their lender to sell the asset for less than the purchase price to satisfy the remainder of their mortgage agreement. The proceeds from the sale are used to pay off the existing mortgage and the remainder of the debt is negotiated with the lender to be forgiven or placed with some form of payment. It can allow the homeowner to get out of an upside down home, avoid foreclosure, and resolve the debt that they cannot afford.

There is a benefit both for parties involved because the process will forego any legal operation and involvement by the courts and be completed in less time than a foreclosure. The borrower is also able to avoid the big time credit article hit that a foreclosure will ensue in and can get the borrower in best financial standing in a short amount of time than a foreclosure would. The Lender in turn gets immediate payment of a measure of the loan and avoids the inherent for asset destruction that a disgruntled foreclosed tenant can leave behind in their home.

There are exact requirements for a short sale that differ from lender to lender, and a short sale attorney should be contacted to correlate your situation and resolve if a short sale is right for you. You may be eligible for a short sale if you have experienced a up-to-date financial hardship, such as a job loss, major medical bill, or divorce, or you own more on your house than it is currently worth. You may also be eligible if you currently cannot afford your mortgage payments and you are not capable of modifying your current home loan. If you fall into one or more of these categories and then you may qualify for a short sale, and should sense a short sale attorney so they can help you understand how the process works, and what you will need to do to get the ball rolling.

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