REAL STORIES
BY REAL PEOPLE Search
Friday, November 16, 2018

A Short Sale

by Chance Gates (writer), Reno, March 09, 2009

Credit:

Describes how to sell a house when the owner owes more than the house is worth.

A short sale is when the bank/lender agrees to discount a loan balance due to a economic of financial hardship on the part of the home owner.  The home owner sells the property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender.  Usually the bank is in the process of foreclosing on the property due to the current owner defaulting on their loan.  Both the current owner and the bank that holds the note(mortgage are involved with the process of selling the home and signing the necessary documents and disclosures.



About the Writer

Chance Gates is a writer for BrooWaha. For more information, visit the writer's website.
Want to write articles too? Sign up & become a writer!

1 comments on A Short Sale

Log In To Vote   Score: 3
By Chance Gates on March 16, 2009 at 03:52 pm

It is true that lenders do have required home loan modification that they are not doing.  That is the whole reason I wrote the article “Need Help Refinancing Your House”.  Homeowners who the banks are not allowing to refinance their house should contact their senator for help.

 Report abuse



Add A Comment!

Click here to signup or login.


Rate This Article


Your vote matters to us



x


x