How Do I Know if a Short Sale is an Option for Me?

A short sale is a real estate transaction in which the bank agrees to take less than what is owed on the loan. If you are the borrower, the benefit to you is that you have more control over the process — rather than waiting for the bank to foreclose on your home, which causes interest to accrue, you can move out of your home on your own terms. The bank’s agreement to the short sale also guarantees that you, as the borrower, will walk away knowing that the lien (i.e., your debt to the bank) has been satisfied.

The bank benefits because it will no longer have a loan in default, will no longer have to pay its lawyers to foreclose, and will no longer be obligated to pay taxes and insurance.

Have questions about short sales or other loss mitigation options? Send us an inquiry.