A short sale is when the house sells for less than what is owed. The lender will have to agree to take a loss. Short sales were common during the Great Recession when owners experiencing financial hardship were unable to keep up on their mortgage payments.
In a short sale, the lender will agree to discount a loan balance due to economic or financial hardship.
This allows you to sell the house to another buyer for what the market can bear, while the lender recovers most of the amount due on the loan. The lender will usually accept a short sale to avoid the time and expense of a foreclosure. Hopefully we can find a way to prevent your having to sell your home. If that is not an option, I will make sure we are successful working with your bank to get the home sold before it goes into foreclosure so we can minimize the damage to your credit. I will be there to serve as your trusted advisor through the entire process.