Can any property be sold as a 'short sale'?
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 short sale. The servicer can proceed with a short sale there is a reasonable belief that all liens on the property can be cleared.
Other Stopping Foreclosure FAQs
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Q:
What is a 'short sale'?
A: A “short sale” is an option for a homeowner to avoid foreclosure when they can no longer afford the mortgage on the home. In a short sale, a … More -
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:
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:
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
