Short Sale Your Home
A short sale is when the proceeds from selling your home falls short of the balance of mortgage. You cannot afford to repay the morgage in full and the bank agrees to release their lien on your home and accept less than the amount owed on the mortgage. Any unpaid balance owed to the bank is known as a deficiency. Short sale agreements do not necessarily release you from their obligations to repay any deficiencies of the mortgage, unless specifically agreed to between the you and bank. We make this requist on your behave as past of our short sale process.
A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the bank and you; however this will often result in a negative credit report against you.
If the unpaid balance of your mortgage is, say, $200,000 and your home sells for $120,000, under a short sale the lender might accept this amount as payment in full.
We work will work with you and the bank to mitigate the any deficiency judgements as part of the short sale process.
If you are seeking a REALTOR to help you buy or sell you home you can call us at 916 806 3634.
