What is a Short Sale?
A Short Sale, also known as a “Short Pay,” it's a process by which a lender agrees to receive a lower amount of an owed debt in exchange for the sale of the property to a third party, usually at no out of pocket cost to the borrower.
Homeowners who are upside down and can no longer make their mortgage payment (ex. Because of either job loss, divorce, or the current mortgage note is adjusting), up to now the only option was to let the home foreclose. That’s not a good option since a foreclosure remains on your credit record for at least 10 years.
It is very important to know that the time frame to execute this option is very sensitive. If you have any questions or concerns, feel free to call us toll free (877)374-2224 or email us at contact@alliancecl.com.
|
|