Mark Lentz Real estate serving Tamarac FL
  1. Mark Lentz
  2. Complete Real Estate Options
  3. Guiding You Through The Real Estate Maze
  4. Office: 954.300.5633
  5. marklentz@completereo.net

What Is A Short Sale?

 

A short sale is a transaction in which the lender or lenders agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.

 

A short sale can also be the best option for homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.

 

A short sale can also eliminate a deficiency judgment by the lender against the homeowner. If the property went through the foreclosure process and was not sold for enough to satisfy the mortgage lien, the lender could obtain a deficiency judgment and garnish the homeowner’s future wages and/or bank accounts.

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