virginia: To do a Short Sale or Not to do a Short Sale...
- 07/06/08 04:36 PM
...That's the question that seems to be on everyone's mind these days. But before we answer that question, let's look at what is a short sale. A short sale is when a homeowner owes more on a home than the home is worth and they want the lender to accept a reduced payoff on the loan upon the home selling. They must list their property at ‘market value', subject to third party approval ... The lender. Once there is an offer, it must be sent to the lender's loss mitigation department for approval. This approval process can take weeks or even … (10 comments)
...That's the question that seems to be on everyone's mind these days. But before we answer that question, let's look at what is a short sale. 
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