Vincent Sansonetti & Associates, Ltd.

A SHORT-SALE is a sale of a property when the proceeds from selling the property will fall short of the balance of debts secured by recorded mortgages against the property and the property owner cannot afford to repay the mortgages full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt so as to allow the transaction to proceed. Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically negotiated and agreed to by the parties.

A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower. It also assists in allowing the property to be properly maintained and eliminates the need for the lien holder to come into title.

Are you a short sale candidate?

Each individual has their own unique set of financial circumstances.  Making a determination as to if a short-sale is right for you, or if you might qualify for a short-sale will require a review of your specific situation.

In some instances, a short-sale could be the wrong choice for you.  There are other options to explore as well.  These include Deed in Lieu, Consent Foreclosure, Foreclosure defense, bankruptcy, etc.

Contact us today at(773) 775-2626 to schedule your confidential consultation.