Can I Short Sale If I’m Behind On Payments?

Real Estate Agent with Keller Williams Realty Louisville East (502) 664-7827

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.

Is This Too Good To Be True?

We have helped many avoid foreclosure and avoid bankruptcy. Please read these real testimonials from real people, right here in Louisville KY.

Please Take Action – You Deserve To Get Your Life Back

Is your house debt overwhelming? Is it time to shed that debt and start the recovery and rebuilding of your personal and financial life? Please take action now. I have helped many. Please let me help you. Typically the bank pays all your selling closing costs, including real estate commissions.

Call me any time to (502) 664-7827.

Posted by



Dave Halpern, Realtor

The Dave Halpern Real Estate Group

Keller Williams Realty Louisville East


(502) 664-7827



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Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Short sale may be a good option for some sellers.  It is important they work with someone who is knowledgeable about the process and that they they have a team with a lawyer and an accountant as well.

Feb 18, 2011 02:45 PM #1
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Dave,

Good info and title for your post.

Debt forgiveness may also depend on the state and the type of loan in the situation. Always a good reason to use a knowledgeable short sale REALTOR.

Feb 18, 2011 02:51 PM #2
Christopher Taylor
Corpus Christi, TX

I had a friend recently who was told by their mortgage company that unless they were behind on their payments, they would not be considered for a short sale.

Feb 18, 2011 03:53 PM #3
Sarasota & Manatee Counties FL
SaraMana Properties - - Bradenton, FL - Listings In Paradise

Good points, well made. Thanks for the blog post Dave!

Feb 18, 2011 05:19 PM #5
Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Good Morning Dave, excellent input on short sales for the home owner in trouble.

Feb 18, 2011 11:05 PM #6
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Good information Dave.   We have been advised never to tell a client to stop making payments in our role as a Realtor in California.   It is important to use a professional knowledgable in the short sale process. 

Feb 19, 2011 05:12 AM #7
Jason Felker
Talka International Realty - Scottsdale, AZ

Homeowners who are behind on their mortgage payments may find it easier to get their short sale approved.  Some investors are now requiring delinquency before they will approve a short sale.  It's a great situation when the homeowner can afford to stay current and the lender/investor approve their short sale saving their credit.  


Feb 25, 2011 05:52 PM #8
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Dave Halpern

Louisville Short Sale Expert
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