Underwater on your mortgage? Short Sale Explained

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A short sale happens when a lender agrees to let a home sell for less than the amount owed on the mortgage. 

Example: A homeowner owes $500,000, but the home may only sell for $460,000 after costs and fees. 

What many homeowners do not realize is the bank usually must approve the sale first. They often review hardship, income, debts, bank statements, and the overall financial situation before deciding. 

Experienced mortgage professionals know the biggest mistake is waiting too long. Many homeowners have more options earlier than they think. Contact us to find out more details.