Home > Short Sale terms > What is a short sale?

What is a short sale?

If you live in Ramona CA or North County and owe more on your mortgage than you can sell it for, why not consider a short sale.
A short sale is a process that allows homeowners to sell the home for less than the amount owed on the mortgage. Homes are sold at current market value and proceeds are used as payment in full on the mortgage.
This is one alternative in this tough real estate market. It should be seen as a last resort answer and borrower must qualify for hardship with the lender. There may also be tax and legal consequences so talking to a Short Sale Attorney is recommended prior to making any choice. To see other possible solutions click here.

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Categories: Short Sale terms
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