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Short Sale

If you're facing a foreclosure, or the mortgage balance on your home is well under its market value, you may consider a short sale. A short sale is a process where your lender allows you to sell your property at a loss, and agrees not to pursue a foreclosure. The difference between the sales price and your loan amount is known as a deficiency, and depending on your agreement with your lender, may be forgiven. A short sale usually has negative implications on your credit report, and this is usually less severe than having a foreclosure on your record.

The legal requirements and implications of a short sale depend on your state, which is why many find it valuable to hire an experienced short sale attorney. 

For assistance with your case, click here to find Short Sale Attorneys near you or find an attorney in a different state.

Frequently Asked Questions

  • What is a 'short sale'?
    A “short sale” is an option for a homeowner to avoid foreclosure when they can no longer afford the mortgage on the home.   In a short sale, a servicer allows the borrower to … more
  • How long do I have to try to sell my house as a 'short sale'?
    it depends on your lender's requirements and whether you qualify for any special government sponsored programs helping homeowners avoid foreclosure.   For instance, under the … more
  • Can any property be sold as a 'short sale'?
    typically, if there are any junior liens, mortgages or other debts against the property, those must be cleared first before the property  can be sold as a short sale. The servicer can … more
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Legal Articles

  • A Plain Language Explanation of Your Options for Avoiding Foreclosure
    Whether you're in foreclosure now or worried about it in the future, understand that there may be practical ways you can avoid foreclosure.  Today, lenders are more willing than perhaps they have ever been to help you stay in your home and be able to afford your payments.  The most common methods used to bring loans current are described below:  Bring Your Loan Current - … more
  • The Mortgage Forgiveness Debt Relief Act of 2007
    In December 2007, the federal government enacted the Mortgage Forgiveness Debt Relief Act. The Act was meant to provide tax relief to taxpayers who had debt forgiven on their primary residence and to help struggling homeowners.    The Purpose of the Mortgage Forgiveness Debt Relief Act   The idea behind the law was to help homeowners avoid foreclosures by not taxing them … more
More Articles »

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Top Related Short Sale Topics

Can Home Foreclosure Be Prevented?

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