A short sale is: When a house is not worth the amount needed to pay off the mortgage or lien holders and selling costs. The bank or lien holder agrees to take less than they are owed so that the sale can be complete. They do this to avoid a long drawn out foreclosure saving time and money. A short sale will harm credit far less than a foreclosure.
Often sellers of short sales are able to purchase another house 2 years after the short sale. In addition, with a foreclosure the foreclosed party is responsible for the deficiency (the difference between what the house sells for at auction plus foreclosure expenses and what is owed on it). Even if the sale date is today you have alternatives to foreclosure, which will allow you time consider your options and keep you in your home.
Often sellers of short sales are able to purchase another house 2 years after the short sale. In addition, with a foreclosure the foreclosed party is responsible for the deficiency (the difference between what the house sells for at auction plus foreclosure expenses and what is owed on it). Even if the sale date is today you have alternatives to foreclosure, which will allow you time consider your options and keep you in your home.
Reviews (1)
Anonymous A.
Jul 31, 2013
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The first thing I have a problem with Mike is that he does not respond to emails sometimes and he doesn't answer my questions sometimes. I feel like he only answer to emails or questions when he wants to. There is a lot of lack of communication. Everything is done slow. The emails are slow, the response is slow, the forms coming in is slow, the entire process is slow. Don't get me wrong. I am glad that he has made our short sale a success but it took almost half a year just to get the short sale approved and then another 2 months to get to the closing. It is utterly frustrating
