Home > Foreclosure alternatives > What is a Short Sale?

What is a Short Sale?

Wikipedia provides a great definition of a short sale. We can provide expert help to financially distressed home owners in completing a short sale.

Here is the Wikipedia.com definition of a short sale (I re-post it here because it’s pretty good):

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.[1] It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Now, defining a short sale is one thing. Getting one closed is another.

If you are having trouble making your monthly mortgage payments, give us a call at 201-927-9760, and we can help. If you are in New Jersey, we can help you get out from under a home you can no longer afford, and if you are anywhere else in the world, we can refer you to a short sale specialist in your area.

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