What are they?
A Short Sale is an alternative to foreclosure. In a Short Sale, the proceeds of the sale are less than what is owed on the mortgage(s). Short Sales are an option when the borrower (i.e. the homeowner) cannot afford to make the mortgage payments, but the value of the house has fallen below the amount owed on the property. Many lenders will agree to accept the proceeds of a Short Sale as payment in full, forgiving the rest of what is owed on the mortgage.
Not every homeowner is eligible for a Short Sale, as it requires approval from the lender. You will need to be able to prove to your lender that you have a “qualifying hardship” that makes it difficult for you to make your mortgage payments.
Completing a Short Sale is much harder and more complicated than a ‘regular’ home sale. It is essential that you work with a Realtor who has knowledge of Short Sales and has successfully completed them in the past.
Orange County Short Sale Professionals
