When selling your home would not bring in enough money to pay off your mortgage, a short sale may be worth exploring. Before accepting an offer, understand what your lender requires and what the agreement says about any remaining debt.
Contact Boss Law about your situation or call 727-877-3188.
What Is a Short Sale?
A short sale allows a homeowner to sell for less than the mortgage balance with the lender’s approval. It involves selling to a buyer and moving out of the property.
Approval and Remaining Debt
Ask your mortgage servicer about its application requirements. Approval to sell and forgiveness of the unpaid balance are separate issues to check. Request any waiver of the remaining debt in writing and keep the agreement.
Questions to Ask Before Proceeding
- Who must approve the sale?
- What documents does the servicer require?
- Does the written approval address remaining debt?
- Who will coordinate the contract and closing?
- What happens if approval does not arrive before the contract deadline?
Compare Your Options
If you want to remain in the home, review loan modification. If you plan to leave, compare a short sale with a deed in lieu. Our foreclosure options overview explains where to begin.
Tell Boss Law What You Need
Share your property location, whether you want to stay or sell, and any notices or deadlines you have received. Ask which services are available for your matter before making arrangements.