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Can I Short Sale If I’m Behind On Payments?
Can I short sale my house if I am behind on payments in Louisville KY?
Yes! As a matter of fact, banks and lenders have designed the short sale as a method to help borrowers who are behind on payments. The banks almost expect you to be behind on payments in order to qualify for the debt relief of a short sale. You have options, and there is a way out.
What is a short sale?
A short sale occurs when a house sells for an amount short of the full amount amount owed to the lender. Hence the word “short” in short sale. You can be nmany months behind on payments and they will still consider you for a short sale.
What happens to the difference between what is owed and what the lender gets?
In an ideal short sale the shortage is forgiven and the borrower never has to pay it back. Yes, the lender issues a forgiveness, in writing. Often the forgiven debt is tens of thousands of dollars or even hundreds of thousands of dollars.
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