SHORT SALE
Short Sale is when a lender allow to sell the home for less than the amount of the loan. This is attractive to many lenders because they lose less money and time than they would in a foreclosure. And also its attractive for homeowners because the impact on their credit is less than in a foreclosure. You may be able to buy another home after a short sale in less time than a foreclosure. ( If you were never late on your mortgage payments, it could take even less time, or just right after a short sale)
To qualify for a short sale your home must worth less than what you owe on it. You must be able to prove you are the victim of a true financial hardship, such as: a decrease in wages, job loss, medical condition, divorse, etc.
Contact a Real Estate Agent that knows all the required steps to successfully complete a short sale.
There may be Tax and other financial consequences. You should consult with a Tax advisor or a legal expert.
To qualify for a short sale your home must worth less than what you owe on it. You must be able to prove you are the victim of a true financial hardship, such as: a decrease in wages, job loss, medical condition, divorse, etc.
Contact a Real Estate Agent that knows all the required steps to successfully complete a short sale.
There may be Tax and other financial consequences. You should consult with a Tax advisor or a legal expert.
