I have often been asked exactly what is a Short sale? How would a short sale help me over a foreclosure? If you can do a short sale your credit is really only damaged for the late payments you have made. With a foreclosure it will do more damage to your credit because it will be an owed debt. In some cases it will hurt you as much as a bankruptcy. I can help you negotiate with your bank if you are in a financial hardship and are having a difficult time making your payments. If you CONTACT ME I can show you the easy steps we need to take to help you. In some cases we may even buy your home for cash.
A short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's Loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.