What you need to know about a Short Sale.

Short selling stops the foreclosure process.  It saves your credit and enables you to purchase another home faster than foreclosing.  A new FHA guideline may give you the possibility (if you stay current on your mortgage payments) to purchase a new home right away, as soon as the short sale is complete.

Short selling your home is a process that typically takes 3-6 months.  During this time, you do not have to pay your mortgage.  When the sale is completed, your bank pays my commission.  There are no fees to you.

What is a Short Sale and, What are the benefits?

A short sale is the sale of a property with a sales price that will be "Short" funds to pay all closing costs, commissions, expenses and the amount(s) due on the existing loan(s).  Since the sales price will be "short", the funds necessary to cover all costs, the existing lender(s) will need to discount or reduce the amounts needed to pay off their loan(s) before the transaction can close.  This "lender approval" must be obtained prior to the close of escrow, typically 30-45 days prior.