A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.
A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.
- SHORT SALE SELLER ADVISORY
The SSS Advisory was drafted to provide information to homeowners about the issues and risks involved in a short sale situation. The SSS Advisory explains why certain issues may be important and directs the homeowner.
- HOME AFFORDABLE FORECLOSURE ALTERNATIVE (HAFA)
HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program.
- SHORT SALE TIPS FOR SELLERS
If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale.
- SHORT SALE AND FORECLOSURE RESOURCE
Search for a local REALTOR® who is certified in Short Sale and Foreclosure Resource to help you maneuver your Short Sale transaction.
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