Short Sales
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What is a Short Sale?
When a borrower owes more on a property than the current market value, negotiation is entered in to with the homeowners’ mortgage holder, to accept less than the full balance at closing.
There are qualifying reasons for a short sale.
- Loss of employment
- Reduced income
- Business failure
- Damage to property
- Death of a spouse or wage-earner
- Death of a family member
- Severe illness
- Inheritance of debt
- Divorce
- Relocation
- Military service
- Payment increase or mortgage adjustment
- Insurance or tax increase
- Separation
- Too much debt
- Incarceration
