Pre-Foreclosure, Phantom Foreclosure's, Shadow Inventory, Probate, HOA, & REO.
We take inquiries from:
Private, Public, & Bankers (Asset Managers)
What is a short sale?
A short sale, also known as a pre-foreclosure sale, is when you sell your home 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. Depending on your situation, you may be required to make a financial contribution to receive a short sale.
A short sale is an alternative to foreclosure and may be an option if:
You are ineligible to refinance or modify your mortgage
You are facing a long-term hardship
You are behind on your mortgage payments
You owe more on your home than it’s worth
You have not been able to sell your home at a price that covers what you still owe on your mortgage
You can no longer afford your home and are ready or need to leave
What is the process for a short sale?
If you qualify for this option, the process is similar to a normal real estate sales transaction. You will work with a real estate agent to market and sell your home. However, your mortgage company will also be working with you and your real estate agent every step of the way to:
set the sale price (based on current market value),
collect financial information and negotiate with other lien holders (i.e., your second mortgage company) if applicable,
review acceptable offers,
agree to the terms of the sale once a buyer is in place, and
work with the buyer’s real estate agent and mortgage lender to finalize the sale.
In some cases, you may be eligible to receive relocation assistance to use toward your moving expenses and to make the transition to new housing easier.
A short sale may take up to 120 days, but this could be shorter or longer depending upon your specific situation. If you are unable to sell your home, you may be able to transfer the ownership of your property to the owner of your mortgage (also called a Mortgage Release or Deed-in-Lieu of Foreclosure).
What is a Foreclosure?
A foreclosure is the legal process where your mortgage company obtains ownership of your home (i.e., repossess the property). A foreclosure occurs when the homeowner has failed to make payments and has defaulted or violated the terms of their mortgage loan.
A foreclosure can usually be avoided—even if you already received a foreclosure notice. See the chart (in "Foreclosure Comparison") to compare some other options: Short Sale and Mortgage Release (Deed-in-Lieu of Foreclosure). No matter the option, you must take action as soon as you can.