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Short Sale Information

Short Sale Articles

Short Sale Foreclosures

The housing crisis has put many homeowners in default, negative equity, and foreclosure. And while the loan modification program has helped thousands, many are still left with heavy mortgages and remain at risk. That’s why the government and major lenders have stepped up their short sale foreclosure prevention plans—to give struggling borrowers an alternative and a chance to get back on their feet.

Why a Short Sale?

Many people don’t see the point of a short sale when they don’t get to keep their homes. But that’s really the only difference between the foreclosure and short sale processes. A short sale offers a handful of benefits, such as:

- Eliminating mortgage burdens;
- Reducing credit report damage;
- Avoiding the long, stressful process of a foreclosure.

How Does It Work?

So how exactly does a short sale avoid foreclosure? Basically, what you do is ask the lender to accept less than the amount you owe on the mortgage, then sell your home for that amount. The bank then takes the proceeds as full settlement for your loan, freeing you from all financial obligations and allowing you to start off on a clean slate.

Do I Qualify?

Each bank sets its own rules on qualifying borrowers, so your best bet is to call and ask for details. Find out what you’ll need to submit, how you will be assessed, and how much time it usually takes. You can also increase your chances by working with a short sale professionals, who can explain everything from the paperwork required to how you can negotiate a short sale in foreclosure proceedings.

When Should I Apply?

There’s no good or bad time to apply for short sale foreclosure assistance. If you’re having trouble keeping your mortgage current—even if you’re not yet behind—call your lender immediately for foreclosure and short sale help. And if you’re already in default, take action towards short sale in foreclosure as soon as you can. The earlier you act, the more likely it is for a short sale to avoid foreclosure—and the better your chances of coming out on top.