What Are Short Sales?

People defaulting on their mortgage need to know what a Short Sale is or if you are in a situation where you have to sell your home right now and owe more on your home then the current real estate market value says it is worth.

According to Wikipedia” a Short SaleĀ  is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.[1] In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank’s loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower’s financial situation.”

Homes that are sold on a short sale are sometimes on their way to being foreclosed on. The homeowner can no longer afford the home and needs to sell it to move on and in today’s economy, depending on when you bought the home, your home could be worth less then what you owe.

If you have more questions or would like to speak with me about the value of your home call me at 201-259-4449

~ Adrienne milf porn Francis

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