What is
a Mortgage Short Sale?
By
Craig W Jacobs So you are falling behind in your repayments and want
to avoid foreclosure. The best thing to do right now is look for
alternatives. One way of getting your home saved is through a mortgage
short sale.
What is it?
To put it simple, it is when you find a buyer for your home and the
lender agrees to take the offer for the house, even though it does not pay
off the entire amount owing.
What must you do to secure a sale?
Contacting your bank to see if they will accept this type of sale is
very important and should be done at the start of the process.
It is advisable to find someone who is prepared to buy your house at a
set price (usually less than you owe to the bank). It may be an investor,
friend or family member.
It is important to have a good reason for requesting such a sale. Have
your financial statements ready. Write a hardship letter explaining your
situation.
Be sure to have a someone ready to present. If the they agree to the
sale, get a list of all the paperwork they may need.
Ensure that the person has all his or her details ready to present.
Usually they would want to take care of the entire process and do the
necessary checks.
Once the sale is agreed to, make sure that you contact a lawyer to
ensure that your rights are protected at all times. You don't want to sell
the home and still have problems.
Ask you lawyer to deal with the lender and have them confirm that the
payment is accepted as full payment for the debt.
This can be one of many ways in which you can prevent your property
from being foreclosed. It should also be noted that this type of sale is
not accepted in all states.
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