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Short Selling Your Home
Short selling your home is a sales strategy that can sometimes be used to avoid foreclosure. The mortgage companies will consider selling your home for a lower price than what is owed on your mortgage. You must prove a hardship like a loss of job to qualify for a short sell of your home. Sometimes the mortgage company will allow the short sell difference between what you owe and what is sold to be forgiven, however some companies will file a deficiency judgment in the difference in the amount you owe. Each mortgage company are different and have different guidelines pertaining to short sales and we encourage you to speak with your company directly for additional information.
Homeowners will often decide to short sale their home to avoid the stigma of having a foreclosure. In addition, a short sale does not impact your credit score as much as a foreclosure. If you are experiencing a hardship and considering a foreclosure, please feel free to contact us for additional information on the short sale process. Be careful and understand the process before proceeding with a short sale.