If you are reading this it means you are taking action. It means you’re not giving up, and you’re looking for solutions.
By seeking answers you are already on the path to recovery, and you have come to the right place to start.
What is a short sale?
A short sale occurs when a house sells for an amount that falls short of the full amount owed to the bank. Hence the word “short” in short sale.
What happens to the difference between the amount owed and what the lender gets?
In an ideal short sale the shortfall is forgiven and the seller never has to pay it back. The lender often the forgives tens of thousands of dollars or even hundreds of thousands of dollars. The seller gets a confirmation in writing from the lender that the deficiency is forgiven.
Does the lender always forgive the shortfall?
No, not always. It varies from case to case.
Why would the lender forgive tens of thousands of dollars?
“The lender calls me every day to squeeze a monthly payment out of me. Why would they suddenly forgive tens of thousands?” The lender recognizes that market values have plummeted in recent years. Borrowers who have to sell for family, health, job related reasons and other reasons cannot sell their house for enough to cover the loan payoff. The lender wants to reduce their losses by settling now instead of losing much more later.
But I can’t afford a Realtor
The lender typically pays all the seller’s closing costs, including the Realtor commissions.
Dave, I’m so stressed and I want my life back! This sounds too good to be true. Does this really happen?
We successfully close dozens of short sales every year. We routinely get hugs and tears of joy and relief at the closing. The lender doesn’t want to own your house or foreclose on you, and you want to avoid foreclosure. Everyone has the same goal. Please click here for testimonials.
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