Short Sales
Our dedicated team of negotiator will negotiate and look at all aspects of the sale and will fight so you come debt free out this situation.
What is a Short Sale?
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens' full amounts, and whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency.
Short sale agreements do not necessarily release borrowers from their obligations to repay any shortfalls on the loans, unless specifically agreed to between the parties.
Elegibility
You may be approved to participate in an FHA Short Sale if you meet all of the following criteria:
You do not qualify for a loan modification or other FHA home retention option
You are experiencing a permanent financial hardship such as a job loss, divorce, medical emergency, or a death, and are unable to afford your current mortgage
You have only one FHA-insured loan
Your property is owner-occupied, unless the following apply:
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your reason for leaving the property is the same reason you could not make your mortgage payments
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the property was not purchased as rental investment or used as a rental unit for more than 18 months
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You are able to offer a clear title to the property