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Sometimes there just isn’t a financially feasible way to keep your home or you may simply decide you want to move on. One option for doing this quickly and effectively, without the difficulties of the foreclosure process, is a short sale. A short sale means that the net proceeds from your sale of the property are not enough to pay off your mortgage; however, the investor is agreeing to accept less than the full amount owed.
With investor approval, a short sale may allow you to sell your home for less than you owe on the mortgage.
If your investor agrees to a short sale, you can work with a real estate agent to list the property. They’ll execute a sales contract as normal — but this contract is subject to the investor’s approval and is not final until they agree, even if both the seller and the buyer agree on the terms.
A short sale may have tax consequences and/or impact your credit, so you’ll want to contact your tax advisor to discuss these potential impacts.
Further reading
See also forbearance
See also loan modification
See also Deed in Lieu of Foreclosure
