Saturday, December 7, 2013

Short sale Question

How do Short Sales Work?

In a short sale, a homeowner sells the home for less than their mortgage balance and the lender accepts the proceeds as payment for the loan. It is usually offered as an alternative or last recourse for borrowers who do not qualify for other mortgage solutions, such as loan modification. Often, the buyer snaps up the home as part of a short sale investing plan, although they can also be bought for residential purposes.


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