Short Sale Defined

A short sale is when a bank or mortgage lender agrees to discount a
loan balance due to an economic or financial hardship on the part of
the borrower (you).

This negotiation is all done through communication with the lender's
loss mitigation department. You sell your property for less than the
outstanding balance of the loan, and turn over the proceeds of the
sale to the lender in full satisfaction of your debt. The lender has
the right to approve or disapprove of a proposed sale.

A short sale typically is executed to prevent a home foreclosure.
Often a bank will choose to allow a short sale if they believe that
it will result in a smaller financial loss than foreclosing. For the
home owner, the advantages include avoidance of having a foreclosure
on their credit history and the partial control of the monetary
deficiency.

Certain conditions must be satisfied in order to qualify for a short
sale. The mortgagor must provide documentation of a reduction in
income or an increase in living expense, and documentation that
verifies that the mortgagors need to vacate the property.

If you're thinking about a short sale, and in the San Diego area, I can help.
If you are not already working with a REALTOR, I can handle the
entire transaction with minimum disruption to your life.

Please visit our website at http://www.LarrySitesRealtor.com
Sincerely,
Larry Sites, REALTOR
CA DRE# 01863035
Laturno Kuick Realty
Disclosures:
This document is not intended as legal, credit or tax advice. You are
notified to seek legal, credit and tax advice from attorney and tax
professionals. All information is for illustration only.
Loan Modifications and Short Sales are subject to lender approval.
Requirements may vary by lender. You may or may not qualify.
If your home is currently listed for sale with a REALTOR, this is not
a solicitation.