What is a Short Sale?
I often get asked this question. A Short Sale is when you sell your home for less than the mortgage due. Many families have found themselves in this situation after either purchasing or refinancing their home during the mid 2000's when prices were high. There are some that will tell you that a short sale will not hurt your credit scores, however it can be considered as a foreclosure.
So who pays the balance due to the bank? Well, sometimes we are fortunate and the bank will wipe clean the balance, but sometimes you are responsible for it and it shows up as a debt.
There are many factors to consider before allowing your home to go to a "short sale". There are alternatives that PRESERVE YOUR CREDIT SCORES and RELIEVE YOU OF THE DEBT responsibility. Please call me at 352-448-4848 to discuss your current home selling and buying questions.
This is a great article Short Sale of Your Home- Is it Right for You?