If you are behind on your Indianapolis Real Estate, an Indianapolis IN Short Sale is something to consider. A short sale is when a bank or mortgage lender agrees to take less than the mortgage balance owing due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. In this situation, the lender would have the right to approve or deny the proposed sale.
Extenuating circumstances influence whether or not banks will allow an Indianapolis Short Sale. These circumstances are usually related to an individual borrower's financial situation.
A short sale typically is executed to prevent a home from fully going through to foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing.
Lenders have a department (typically called a Short Sale or Loss Mitigation Department) which processes potential short sale transactions. .
Lenders/Investors have a varying tolerance for short sales and mitigated losses.
If you are struggling with your mortgage payments and thinking of an Indianapolis Short Sale as an option for you, give our experienced Indianapolis Short Sale Team a call today.