Definition of Short Sale:
•1. To sell your home for less than what you owe = Short Sale.
•2. Mortgage company doesn't place a *Foreclosure on your Credit.
•3. No **Deficiency Lien Judgment on your Credit.
•4. No ***Sherriff Sale.
•· Foreclosure - will be attached to your credit for up to 10 years.
•· Foreclosure - will get you high interest rates for up to 10 years.
•· Foreclosure - will not let you get another Mortgage for 7-10 years.
**Deficiency Lien Judgment:
•· A Deficiency Lien Judgment is the difference between how much you owe and how much your home is sold for.
•· For Example: If you owe the Mortgage Company $300,000 & your home is sold for $200,000. Your Deficiency Lien Judgment would be $100,000 and remain on your credit until paid.
•· You lose your home to the Mortgage Company
•· You get a Foreclosure on your credit.
•· You get a Deficiency Lien Judgment on your credit.