1. What is a Short Sale?
A short sale is a sale of the home for less than is owed with agreement from the lender/servicer to accept the proceeds of the sale. This option should be considered where the homeowner is paying too high a percentage of their monthly income towards the mortgage debt.
2. Who qualifies for a Short Sale?
Homeowners must be experiencing a financial hardship. This may be due to a number of circumstances for example, the current economic environment affecting income, job loss, overextension, health related issues, divorce, death, job transfer, and more.
3. What is a foreclosure?
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel or real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property.
For more information on Short Sales visit us at http://www.asktheshortsaleguy.com/ or call our office to schedule an appointment at 32-241-6363
