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Down Payment
Calculators
The Application Process
How Much Can You Afford?
After You Apply
Mortgage Programs
Bi Weekly Mortgage
15 - 30 Yr or Biweekly
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Closing Your Loan
Common Buyer Mistakes
Should You Refinance?
Why Rates Change
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Organize Your Documents
What is PMI?
What is APR?
Can My Loan Be Sold?
Glossary of Terms
How Mortgages Work
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Mortgage Notes
Bulk Loan Purchases
Foreclosure Alternatives
Workout Program
Short Sale
Repayment Plan
Loan Modification
Avoiding Scam Artist
Summary of Services
Privacy Policy
REO
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| What is a "Short Sale"? |
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| A "short sale" is the best solution when a homeowner is "upside down" in their home due to a decline in the local real-estate market (meaning they owe more on their home than it is worth). Often a lender will be willing to discount the loan amount so that the homeowner's debt can be discharged by the sale of their home. This can typically be done with very little out of pocket expense to the homeowner because these costs are included in the sale price. |
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