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Short Sale

What is a Real Estate Short Sale?

In Real Estate, a short sale is when a lender agrees to discount a loan balance due to an economic or financial hardship of the borrower

. Essentially, the borrower sells the mortgaged property for less than the outstanding balance of the loan and turns over all proceeds of the sale to the lender. Similarly, a Short Refinance option exists whereby a lender will reduce the principle balance of a mortgage to permit the homeowner to refinance with a new lender. Sometime, but not always, a short sale can satisfy the borrower’s obligation to the lender. The negotiation is handled by a lender’s loss mitigation department and is one of many loan modification options afforded to a borrower.

Why Do Borrowers Use Short Sales?

A short sale is a loss mitigation option used to prevent foreclosure

. A lender will allow a short sale as a way to lessen the risk and expense of foreclosure. The benefit to a borrower is that a Short Sale is often executed much faster than foreclosure. Plus, the borrower can avoid having a foreclosure on their credit history.

Is a Short Sale the Right Solution For Me?

A Short Sale is one of the many solutions that are negotiated by a lender’s loss mitigation department and is one of the options offered by Foreclosure-Shield.com. After we conduct an investigation into your unique situation, we may recommend that a short sale is your best option. Please fill out our no obligation application so that we can begin the loan modification process.
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