In simple terms...
A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan or mortgage secured by the property sold.
The process can be lenghty and requires the homeowner to work with their lender's Loss Mitigation department and provide information relative to financials, reason for needing the short sale and possibly even a hardship letter.
Also, if there is a second mortgage on the property, the process becomes even more difficult. Many times with Home Equity Loans or Second mortgages, the homeowner may still have to repay these, regardless of what the primary mortgage lienholder is willing to do.
For more information on Short Sales, please visit my website, www.doloresgaskell and ask for the Short Sale Report.
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