A short sale is when a mortgage lender
allows an owner to sell their property for less
than what is owed on the mortgage. Owners
who typically initiate a short sale are usually
under financial stress and the market value
of their home must have declined, relative to
the owed amount.
Benefits of a short sale:
Minimizes the damage on your credit
Limits financial liability
Less damaging than a foreclosure
No out of pocket expense
Can possibly qualify for moving incentive
Do you Qualify?
Anyone qualifies for a short sale as long as you owe more on your mortgage than the total value of your home.