NEED HELP? OWE TOO MUCH ON YOUR HOME? WHERE DO YOU TURN? WILL THE BANK SETTLE FOR LESS WHEN I SELL? ,
Turn to your local realtor for help. They will guide you where to turn for the help you need. Do you need to sell your house? but you owe more than it is worth at the present time? Trust me your not alone. So many calls that i receive are just that. First you have to decide that selling is your best option, then decide on the right realtor, then price, stage, your house for sale. The realtor says the house is worth 150,000. you owe 200,000 will the bank let you short sale the house for the 150,000 to the next person? Ask your realtor for advise and help, but they should not give any legal advise to you. that is for a real estate attorney only. Many attorneys and title companies can be very helpful in a short sale transaction, from start to finishing the paperwork closing. BE PREPARED AND HAVE A PLAN
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.
SEE MORE INFO
http://en.wikipedia.org/wiki/Short_sale_%28real_estate%29
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