What is a Short Sale? What is a Deed-in-Lieu? Do You Qualify for a short sale?

A short sale is when the lender agrees for the property to be sold at a price lower than the mortgage balance owed.

A deed-in-lieu is when the lender receives the house deed in place of the mortgage balance, although in some cases the lender will still pursue the homeowner for the leftover mortgage balance, which is called a deficiency judgment. A HAFA short sale or deed-inlieu prohibits the participating lender from pursuing a deficiency judgment.

Do You Qualify For A Short Sale?

Do you have .....

1. Financial Hardship: severe illness, military service, insurance or tax increase, etc. (Ask me for full list of acceptable hardships)
2. Monthly Shortfall: business failure, job loss, wage reduction, divorse, etc.
3. Insolvency; you currently ower more money than you have, or you are about to reach that point.

If these three items define you, it means you may qualify for a short sale.  The financial implications of short sales, whether HAFA short sales or not, are always less severe than the implications of foreclosure.  Your credit score, credit history, employment applications, and future chances of acquiring a loan all benefit from completing a short sale rather than being foreclosed upon. 

Find out more at http://www.abqdistressedhomeowners.com/