Federal Home Loan Modifications
a service of the Llt Law Group, P.A.
(Reprinted with permission from Llt Law Group, P.A.)
What Is A Short Sale?
A Short Sale is the sale of a home for a price that is below what is owed on the property and the lender(s) accept and approve the sale of the home at a discounted price to fully satisfy the loan. The good news for you, the existing lender typically will agree to pay commissions, escrow, title fees, and repair costs (if any). Your home gets sold, the loan(s) paid off, you avoid being foreclosed on, and your credit is safe.
Is a Short Sale for me?
With current market conditions lenders are becoming more open and willing to work with borrowers that face financial hardship and accept a discounted payoff on a mortgage. If you are facing a hardship that makes it likely you may not meet your obligation of paying your mortgage, the lender may prefer to settle the matter with you instead of taking the property through foreclosure. When considering the option of a Short Sale, remember that your lender is looking to limit any potential loss on your loan. With a Short Sale the lender may prefer this to foreclosure. In short, your lender typically wants to work with you.
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