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. 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.
There are many benefits of selling your home by a short sale.
- By working with your lender, you may avoid foreclosure
- You may avoid having to file for bankruptcy protection
- Your property’s value may be so far below what you owe and that the value may never return
- Avoid the possibility of any future liability which may entail through the foreclosure process
Let our team at Matrix Law help you with your short sale needs. We will work diligently to ensure you obtain the most beneficial outcome.
