What is a SHORT SALE?
A short sale is when a lender or lenders accept a discounted payoff on an existing mortgage and agree to allow $0 for the homeowner at closing to avoid the cost of a foreclosure. When a homeowner owes more than can be collected through a real estate sale, a short sale allows the homeowner to sell their property thereby avoiding a foreclosure for themselves and the lender.
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Land Title Guarantee Company published a Technical Bulletin that covers the basics of a Short Sale Transaction. If you are considering a short sale, please take the time now to read. Are you faced with a balloon payment, and, you can not pay? Has the value of your house dropped in the last few years? Are you and your house in a negative equity situation so that you feel trapped in your own house? Are you facing foreclosure? Qualifying for Short Sale is based on financial need . If you answered yes to any of the questions above, I may be able to help you. If you would like to speak with me confidentially about the possibility of selling your house to avoid foreclosure, even if you have missed payments or owe more than its value, please call me at: Chestertown Office 410-778-3357 or 1888-845-8411 Crofton Office 410-451-7600 or 1800-721-5880 I can also be reached by cell during the day: 410-725-4945 If you are considering a short sale, please consult with an attorney or certified tax professional to discuss the legal and tax issues related to selling your house. |
