What is a short sale?
A short sale, also known as a pre-foreclosure sale, is when you sell your home for less than you owe and give the net proceeds to your lender.
Why would I do that? Won't I still owe the balance of the mortgage?
Not necessarily. Many banks are in serious need of liquidity they need cash and are more likely to be persuaded to accept less than they're owed and forgive the balance. We can help you prove to your lender that a short sale is a better deal for them than a time-consuming foreclosure proceeding.
What happens after that? Is my credit damaged?
This depends on several factors, including how your lender reports the closing of your account to the major credit bureaus. During negotiations, we can fight to make protecting your credit score part of the deal.
