Short Sale

From your Seminole County foreclosure and Seminole County short sale realtor, information on Seminole County short sales. Seminole County foreclosure homeowners, a short sale is an alternative to foreclosure that simply means a sale of a home in which the sales price of the home is less than the amount the owner of the home owes on the mortgage or mortgages. Thus, the sale price is “short” of what is due to the lender to pay off the loan. Obviously, you have to persuade the lender to cooperate in your short sale as they are losing money on the deal, which can typically be done when the property is in foreclosure.

Under the federal Home Affordable Foreclosure Alternatives (HAFA) foreclosure help program, short sales are streamlined and incentives are offered to lenders and borrowers to encourage them to enter into short sale transactions. You can read more about the HAFA foreclosure help program here.

In addition to the financial incentives available under the HAFA program, a short sale is a great alternative to foreclosure as a short sale results in a higher sales price for the lender, is much less harmful to your credit score than a foreclosure and you can typically negotiate a waiver of the lender’s right to seek a deficiency judgment. Under HAFA, the lender is required to waive the right to seek a deficiency judgment.

If you’re thinking about a short sale, contact Richard today.