Facts About Short Sales

July 05, 2010  //  Posted by: qwcdirect  //  Category: Uncategorized

If you are trying to avoid foreclosures, it is important to know about short sales. A short sale refers to a situation where a lender accepts less than the amount required for a payoff. Before you consider using a short sale to avoid a foreclosure, you need to consult a professional to get details about the process. It is also important to contact a lawyer to make sure that nothing is overlooked during the short sale process.

For a short sale to take place, the lender who is currently holding the mortgage is expected allow the borrower to discuss the sale with real estate agents, interested buyers and lawyers. It is better to approach your lender once you have received a good offer from a willing buyer.

A short sale will affect a borrower’s credit score because it indicates that you are not capable of making your mortgage payments.

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