Short Sales

California Short Sale's

The Real Estate Short Sale

A frequently heard definition of a short sale goes something like this:

"A short sale occurs when the lender agrees to take less than the full amount required to pay off existing loans in full because the outstanding loan balance is greater than the proceeds realized from the sale of the property."

This sounds simple enough, and it is the definition most agents will give you. The problem is in the details of a lender approval of a short sale. The terms of the "approval" are almost always put forth by the lender, and most agents and many sellers assume any approval is a good thing. However, once the loan is viewed as a potential short sale by the lender, the once friendly lender is now a debt collector, looking out solely for their best interests.

If you are considering a short sale in California, you need to know all the options and the potential long term consequences of each option. That is why consulting with an attorney versed in short sales, the deed in lieu option and the foreclosure process is a must.

Alternatives To Selling

Loan Modification & Refinancing

Getting the Help You Need

Government Help

President Obama on Working Through the Mortgage Crisis

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