It is a contractual agreement with the lender where the lender is willing to accept less than they are owed. From a lender's perspective, it's better to recover a portion of a mortgage loan than to to continue with a lengthy and expensive foreclosure process . Typically the lender will agree to a short sale if there is a hardship, such as a sudden health issue, divorce or loss of income.
The time frame of a Short Sale is different from that of a traditional sale, the process varies from lender to lender. Overall, a short sale is much more manageable for the homeowner than being at the mercy of a bank's attorneys during a foreclosure.
BENEFITS
A Short Sale is when a lender allows a financially distressed homeowner to work with their lenders to sell their property for less than the amount due on the mortgage. This allows you to transition out of the property and the debt without having to endure the foreclosure process.
You have moved on, although you no longer reside or use the property all of the above still applies to you since you are the primary owner of a vacant property. A Short Sale would relinquish you of the financial and contractual obligation to said property. Whats a short sale
A Loan Modification is a type of loss mitigation, it changes the term of you existing loan. It is DIFFERENT from Refinancing your mortgage. Refinancing entails replacing your loan with a new mortgage.
Our in-house Loan Modification processor offers a FREE consultation (by appointment only).
We can make an assessment of your current income versus your defaulted mortgage balance and the specifics of any other baring factors you may have in your unique situation and we will let you know your chances of qualifying. We are skilled in how to effectively show what is needed, so you have the optimum opportunity of keeping your family in your property.
A Loan modification could mean one or more of the following:
If a loan modification is not an option for you, we can take you to other loss mitigation options, so you can walk away clean and start your life over. sell my house
If the property in question happens to be in foreclosure, an inheritor has a few options. Ideally, the deceased's estate will be sufficient enough to cover the remaining mortgage left on the property.
In some cases, heirs may not be able to take over the mortgage, such as in a Reverse Mortgage, they require payment in full. Whether they can’t afford the payments or they don’t want the property, selling the property is not always an option. For example:
Example of when the property can be sold: