For home owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure. One of those options is called a short sale.
A short sale occurs when the sale proceeds of a house fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments.
If you are considering selling your home as a short sale, you need to make sure you are working with a short sale specialist who has a proven track record in listing and marketing your home, obtaining lender short sale approval and closing the transaction.
Contact us for a FREE consultation and we will help you to understand your options and how the short sale process works.