SHORT SALE INFORMATION
What is a Short Sale?
A Short Sale is when you sell your home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds. You may also be eligible for the government’s Home Affordable Foreclosure Alternatives Program (HAFA) which offers short sale and Deed In Lieu options. A short sale is an alternative to foreclosure and may be an option if:
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What are the benefits of a Short Sale?
A Short Sale will help eliminate or reduce your mortgage debt while avoiding the negative impact of foreclosure on your credit. You can then start repairing your credit sooner than if you went through a foreclosure and may be able to qualify for a mortgage to purchase a home sooner (in as little as 2 years) than if you went through foreclosure (at least 7 years)
What is the process for a Short Sale?
If you qualify for this option, the process is similar to a normal real estate sales transaction. We will work to market and sell your home. You will work with your mortgage company and our team every step of the way to:
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What are the next steps for a Short Sale?
Gather your financial and loan information, have them on hand when you call your mortgage company. You’ll need:
- Your mortgage statements, including information on a second mortgage (if applicable)
- Your other monthly debt payments (car or student loans, credit card statements)
- Your income details (pay-stubs and income tax returns)