What is the benefit of a short sale?
A short sale is a negotiation between a homeowner and a bank to allow a property to be sold for less than the balance owed. The benefit to a homeowner is that is allows him/her to get out of a house that is upside down.
How will a short sale affect my credit?
Short Sales will have a negative effect on your credit, but to what extent will vary from person to person. A short sale will have less impact on your credit than a foreclosure. A successful short sale will show as paid less than full on your credit.
How long is the process?
The process will depend on the marketability of the property and the particular lender or lenders that hold the loan. On average, our short sales have been negotiated successfully between 60 and 120 days.
Do I have to stop paying my mortgage to do a short sale?
You are not required to be behind on your mortgage, but you will be required to show a hardship. Again, every bank handles each case differently.
We have worked with all major banks and are ready to help you through the process.
