A Short Sale is your best option if you are moving or do not want to live in your home any longer. And, a short sale is usually the preferred option of lenders compared to a foreclosure. You may be able to walk away from your mortgage "debt-free".

A short sale occurs when a lender or bank accepts less than what is owed on the mortgage to avoid a costly foreclosure. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner sells the mortgaged property for less than the balance of the loan and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt.

Extenuating circumstances influence whether or not banks will discount a mortgage balance. These circumstances are usually related to the current real estate market and the borrower's financial situation. A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure.

Benefits of a short sale:

• Sell your home quickly and easily.
• Avoid foreclosure and save your credit.
• Pay no commissions or closing costs.

To see how you can benefit from a short sale, please contact us for a free phone consultation by calling 1-248-823-8731