Will My Lender Accept the Short Sale as Payment in Full for My Loan?
Maybe. Your lender is not required to accept the short sale payment to satisfy your loan amount. The company may decide that you and your property do not qualify for a short sale and deny your request. In that event, you may be forced to explore other options, including trying to sell your house in a traditional sale, requesting a loan modification or a refinance of your home, or declaring for bankruptcy.
Working with a real estate attorney or other professional who has experience filing applications for short sales can increase your chances of being approved by your lender.
Other Mortgage Foreclosure FAQs
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Q:
How long do I have to try to sell my house as a 'short sale'?
A: it depends on your lender's requirements and whether you qualify for any special government sponsored programs helping homeowners avoid foreclosure. … More -
Q:
Can any property be sold as a 'short sale'?
A: typically, if there are any junior liens, mortgages or other debts against the property, those must be cleared first before the property can be sold as a … More -
Q:
Why Would a Lender Agree to a Short Sale?
A: Banks and other lenders generally agree to short sales in order to avoid having to foreclose on a property and take it into their inventory. Most lenders would rather … More -
Q:
Can My Lender Come After Me in Court for the Loan Balance I Owe After a Short Sale?
A: This depends in part on whether the property in the short sale is located in a judicial or a non-judicial foreclosure jurisdiction. In non-judicial foreclosure, also … More -
Q:
What is a Short Sale?
A: A short sale is where a homeowner sells their home for less money than they owe on the property. The owner of the home negotiates a discounted payoff with their … More
