Short sale definition
If you’re behind on your mortgage payments and you’re getting letters threatening foreclosure, it helps to know your options.
One of those options is called a short sale.
“A short sale is your mortgage lender agreeing to let you sell your home, prior to foreclosure, for less than what you owe on it”
A short sale, if anything, is a proactive move on your part, to regain some control and avoid that looming Fresno foreclosure. Remember what feeling in control felt like?
ADDITIONAL SHORT SALE INFO
When you sell your home, and it closes escrow, you are actually coming to the table ‘short’ the amount you need to cover the amount remaining on your mortgage.
You are ‘short’ after the sale. Therefore, you completed a ‘short sale.’
THE BOTTOM LINE
This is a simple definition of a short sale for Fresno homeowners. Trust us, there is a lot more we plan on teaching you on this site, so consider this just the beginning.
Again, a short sale needs to be completed prior to the foreclosure sale date in order to avoid the repercussions that come with foreclosure. We talk more about this later, but trust us, you want to avoid a foreclosure on your record.
Now that you understand the definition of a short sale, it’s time to discuss the strategy a little further with why you should consider a short sale.
