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"What is a short sale?"

This is a commonly asked question amongst homeowners struggling to pay their mortgage payment. A short sale is the sale of real estate in which the proceeds from the sale fall short of the balance owed on the mortgage loan. The short sale process is complex and requires working with a licensed real estate agent with experience in short sales and authorization from the originating mortgage lender.

The term ’short sale' means the bank allows borrowers to sell their property for less than the balance due on the loan and borrowers cannot own assets which could be used to repay the debt.

Mortgage lenders usually require borrowers to submit a short sale hardship letter describing events which caused delinquency of the loan. The letter of hardship is an important element of obtaining short sale approval and borrowers should take time to carefully prepare it.

Mortgage lender loss mitigators prefer that a hardship letter includes a detailed timeline of events along with any action taken to overcome financial challenges. Lenders are more apt to grant approval to borrowers who lost their job or encountered medical problems than to those who engage in frivolous spending.

The short sale process typically takes between 30 to 90 days to completes Borrowers will under go a financial audit and are required to submit a myriad of documentation to the loss mitigant.

The benefits of a short sale is that the " short payoff" is typical reported as paid in full/settled or paid/settled for less than the amount owed.

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