SHORT SALE ESCROW

A short sale is a real estate transaction in which the proceeds from the sale fall short of the balance of the loan secured by liens against the property. In a short sale, the homeowner cannot repay the full amount of the mortgage, and the lien holder (mortgage company) has agreed to release their lien on the property and accept less than the balance.

The home seller will receive no proceeds from the sale of the property, although the seller may benefit from a short sale as it can be less damaging to their credit than foreclosure. Lenders, meanwhile, avoid the time-consuming and expensive foreclosure process, although not all lenders will be quick to agree to a short sale.

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