What homeowners may benefit from a Short Sale?
A Short Sale may be an option for any Real Estate owner that has a need to sell when the property value or total cost of sale is lower then the payoff of all the liens on the property. Industry terms for this is “upside-down” or “under-water”. When a property owner comes to the realization that a short sale is the best option for them they need lender approval in order to satisfy payoff of the note in order to transfer title free and clear. This negotiation is all done through communication with a bank’s loss mitigation or workout department. The lender will always try to play hardball in order lessen their loss as much as possible. In order to get the lender to agree to any short sale the property owner needs to prove that not only is the property work less then what is owed but also that they can no longer meet the agreed upon mortgage payments due to a permanent economic or financial hardship. Extenuating circumstances influence whether or not banks will discount a loan balance and
