Why Foreclose? I can help.... "Short Sale" Let me explain......
Posted by Keri Dillard
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A homeowner is "short" when:
When a borrower owes an amount on his property that when combined with closing costs and commission is higher than current market value.
A short sale occurs when:
A negotiation is entered into with the homeowner's mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is "sold short".
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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