What is a Short Sale?
Short Sale
A short sale offers an alternative to foreclosure, though it involves selling your home, meaning you’ll need to move out.
If your lender or loan servicer approves a short sale, you could sell your property to settle your mortgage, even if the sale price or funds received fall short of what you still owe.
In states where you’re accountable for any shortfall—known as the difference between your home’s value and the outstanding mortgage amount—you should request that your lender forgive this balance before proceeding with a short sale. In certain areas, without this forgiveness, your lender might pursue legal action after the sale to recover the unpaid amount. Securing a waiver for this shortfall means the lender agrees not to seek repayment, and if they grant it, make sure to obtain it in writing and store it safely.
Opting for this route? We can assist in mapping out your next moves. Homeowners pursuing short sales might also inquire about relocation cost assistance through private initiatives, sometimes referred to as “cash-for-keys” programs. Give us a call to speak with an expert and explore your options.
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