A short sale is the sale of a property for less than what the owner still owes on the mortgage. A short sale is an alternative to foreclosure when a homeowner needs to sell and can no longer afford to make their mortgage payments. The lender agrees to accept less than the amount owed to pay off a loan now rather than taking the property back by foreclosure and trying to sell it later.
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the lender may owe you money. We doubt the lender will owe you money in this case after you take into account costs of sale, unpaid interest, costs of foreclosure and attorneys’ fees. Foreclosure is.
A short sale is an alternative to foreclosure, but because it is a sale, you will have to leave your home. If your lender or servicer agrees to a short sale, you may be able to sell your home to pay off your mortgage, even if the sale price or proceeds turn out to be less than the balance remaining on your mortgage.
This may be in the form of outstanding homeowner association fees, back taxes or a contribution to the loss. Many states have regulations preventing lenders from pursuing a full deficiency judgment against an owner with an outstanding balance. You may owe taxes on the outstanding balance, however.
Contrary to popular belief, you can often stay current on your payments and still apply for a short sale. Your home sale will be handled like any other home sale, with respect and dignity. Foreclosure Benefits
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When a borrower loses their home to foreclosure and still owes their lender money after the sale, the remaining debt is usually referred to as a deficiency. Lenders can sue to recover this amount.
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If you still owe money on your loan after either a short sale or a foreclosure, whether you still owe the lender that money will depend on where you live. Also, this is the type of deficiency that can be discharged in a bankruptcy if you choose not to keep your house.
Knowing whether your money is safe after foreclosure.. before foreclosure. Even look into a short sale if the property value is less than what you owe. While your credit score could still take.
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