Short Sale – Avoid Foreclosure
I want to avoid foreclosure, but I can’t sell my home for what I owe on my mortgage. What can I do?
- Learn about Short Sales by watching this excellent video on Short Sale Basics from the Kahn Academy.
What is a Short Sale?
A Short Sale is when you sell your hoe 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.
A Short Sale is an alternative to foreclosure and may be an option if:
- You don’t qualify to refinance or modify your mortgage
- You have a long-term hardship
- You are behind on your mortgage payments
- You owe more on your home than it is worth
- You have been unable to sell your house at a price that will pay what you still owe on your mortgage
- You can no longer afford your home and are ready or need to leave
What are the benefits of a Short Sale?
- Eliminate or reduce your mortgage
- Avoid the negative impact of foreclosure
- Start repairing your credit sooner than if you went through a foreclosure
- May be able to get a Fannie Mae mortgage to purchase another home sooner (2 years) than if you went through foreclosure (7 years)
About Bradley Covey
From the moment you sit down with Brad for your free consultation, you will see that we are a different kind of law firm. Your consultation lasts until all your questions have been answered. We won’t be looking at the clock and we won’t be using scare tactics to get you to retain us.