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Home Short Sales

Home short sales are real estate sales that are made to pay back a lender for debts owed on a home, in exchange for the homeowner being lifted of their remaining obligations. Unlike other sales, transactions of home short sales cover less than what the person owes, and would not deliver any profit for either party. On the surface, this would seem like an unwise decision, but for homeowners facing the threat of foreclosure, it can sometimes be the only wise decision. First, the homeowner and lender will settle on an agreed short sale, after which the home will be sold at the specified amount, nullifying the remainder of the mortgage. This directs the homeowner away from foreclosure, which could cause uncontrollably high damage to their credit. Although homeowners who choose to short sale will still be penalized credit-wise, the repercussions are much smaller, and recovery from sustained damages will be easier.

Fast Facts

  • A homeowner must have a hardship to start a short sale
  • The application process for a short sale is usually quite extensive

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Articles

Results 1-5 of 122 for "home short sales"

  • When to Short Sell Your Home

    If you are behind on your mortgage payments, you may wonder whether it is time for your house to become a shor...
    • Site: foreclosurelawfirms.com

  • Risks in Short Sales

    Short sales are effective options all parties involved in the transaction, the seller, buyer and the lender if...
    • Site: foreclosurelawfirms.com

  • Should I Short Sell my Home?

    Many homeowners who are facing foreclosure and cannot afford to keep their homes are choosing the selling shor...
    • Site: foreclosurelawfirms.com

  • Short Sales and Tax Consequences

    Many homeowners facing foreclosure opt to go the short sale route.  In a nutshell, a short sale is an agreemen...
    • Site: foreclosurelawfirms.com

  • How a Short Sale Works

    A short sale occurs when the borrower owes more on their mortgage than the current market value of their prope...
    • Site: foreclosurelawfirms.com
    • 7 of 9 user(s) found this useful

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