Are you in a pinch with paying off your mortgage? You’re certainly far from being alone. In recent years, the housing market has been hard on old and new homeowners alike, and many are struggling to make the payments they need to keep from going underwater.
When you’re in this situation, you need to think of a plan that can help you sell your Windsor home fast and get back on your feet. You can find the answer by using a short sale.
Here, our stop foreclosure attorney goes over the basics of a short sale, including what it does, and how it can help you recover your losses.
Oftentimes, it can be difficult to sell a home that’s currently under mortgage through traditional means. That said, you have to get rid of it in a pinch to keep from drowning in unaffordable payments. A short sale helps you to take care of both problems.
To put it simply, a short sale occurs when a property that’s currently under mortgage goes on sale for a price that’s less than the balance of the mortgage.
This quick action is beneficial to all parties involved. The bank that issued the loan will have most of the issued loan returned to them after the sale. On the other hand, the borrower will be free of the home and will pay off most of the mortgage.
There are short sale laws in place to make sure the borrower is understanding of short sales and the bank gets the money back that it deserves.
First, a bank must notify a borrower that foreclosing is imminent and that there are short sale options available. This option cannot be forced upon the borrower, but they must have at least a month of advance notice from the bank.
Now that you know the answer to how a short sale works, you’re undoubtedly wondering what steps you need to start your short sale process and sell your home in Windsor. We can help you take care of that.
Our law office consists of real estate and foreclosure experts who will make sure to help you with all of your home selling needs. We know about the process of short selling and can help you through it every step of the way.
Make sure to take a look around our site to find out more about what we do, and give us a call whenever you’re ready to get started. We look forward to helping you with your needs.