What is a short sale? Can it save my Irvine Home?

What is a short sale? Can it save my Irvine Home?

A short sale is when you successfully sell your home to another buyer, even though you owe more on your mortgage than what your home is worth. This occurs when your lender forgives the higher owed balance on your mortgage and therefore absorbs a loss by discounting the principle balance.

For example, if you owe $550,000 on your mortgage, but end up in a situation where your home will only sell for a maximum of $475,000, then your lender(s) will compensate this sale by discounting $75,000 to make it happen. This is accounting for a large percentage of Orange County Homes on the market today and there is no reason why you can’t do the same.

The banks would rather have you pay some money than have a house on their books and getting no monthly payments go to them. A short sale is recognized as an acceptable alternative to a foreclosure.

The Great News For You…
The existing lender pays commissions, escrow, title fees, and repair costs (if any). Your home gets sold, the loan(s) paid off, you avoid being foreclosed on, and your credit is safe.

Is a Short Sale right for me?
This depends upon your unique situation. You may be qualified to get your monthly mortgage modified to a price you can manage.

If you have more questions on this topic you might want to take a look at www.ochomehelp.com

OCHomehelp.com is a team of Orange County Short Sale and Foreclosure Specialist’s. They are comprised of a team of real estate agents, loan modification experts, short sale specialists, attorneys, and title officers.

This might be a good place for you to start if you are confused or scared. They offer a free and 100% confident consultations.