If you owe more on your home than it is worth, a short sale might be right for you. What is a short sale?
A short sale takes place when you sell your home and your lender agrees to accept less at the closing than you owe on your mortgage. It is legal, and it happens often. A short sale can help you avoid foreclosure or even bankruptcy.
You may have heard myths and nightmares about the short sale process and the amount of time it can take to close. But remember: Do not panic and do not make decisions based on rumors. Get the facts. Begin by talking to a Realtor and an attorney with proven track records of short sale successes and closings. You will need both to complete a short sale. Short sales must be handled correctly by experienced professionals from the beginning to succeed and close in a reasonable amount of time.
A properly handled short sale can make the difference between success and failure. It is possible for a short sale to close in 90 days or less from the time a contract is signed, if negotiated properly.
If you do not wish to sell your home, a loan modification or refinancing might also be options.
Short sales exist in all price ranges and in all areas. There is no shame involved, and you are not alone. RE/MAX Ace Realty in Pleasantville has a long track record of handling short sales. Please contact us to discuss your options.