Rod Watson The Ocean Beach, CA Short Sale Specialist! Behind On Mortgage Payments, Owe More Than Your Home Is Worth, Facing Foreclosure? We Can Help!
By Rod Watson, Luxury Home Specialist
(Pacific Sotheby's International Realty)
If you owe more than your house is worth and can't afford your payments, you might be able to sell it for less than you owe -- without having to pay the lender the difference. If you can no longer make your mortgage payments and your home is now worth less than you owe on it, foreclosure may not be your only option. A short sale, in real-estate terms, is a sale of a house in which the sale price is less than what the owner still owes on the mortgage. It is a procedure sometimes agreed to by lenders, who often would rather take a small loss than go through the lengthy and costly foreclosure process, in which the lender allows the sale of a home for less than it is worth and forgives the rest of the note. While there are some significant negative consequences to a short sale, an ever-...