Basically, a short sale is when the homeowner owes more on their home than it is worth and the lender allows the homeowner to sell the property for less than the mortgage balance. This can allow the homeowner to sell the property and avoid the foreclosure process. This also causes less damage to credit than a foreclosure.
To qualify for a short sale the homeowner must have the following issues:
- Financial Hardship
- Insolvency (not enough cash or assets to pay off mortgage balance)
- Monthly Shortfall
For more information on how you can Stop Your Tulsa Foreclosure today, contact The Baskin Real Estate Specialists at 918-258-2600 or www.stopmytulsaforeclosure.com.
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