WHAT IS A SHORT SALE?

29April

WHAT IS A SHORT SALE?


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A short sale is when your mortgage lender allows you to sell your property for an amount less than what you currently owe. For example: If the unpaid balance of a loan is, say, $400,000 and a property’s “fair market value” is now $250,000, under a short sale the lender might accept $250,000 as payment in full. You will not receive funds from the sale, because there is no equity. Your lender DOES NOT want you to foreclose. They want to help you. A short sale may be the answer to your financial hardship.

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