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How To Sell House With No Equity
If you own a property that is encumbered with more debt than the property is worth then the property may be in a short sale position. In these scenarios the owner either needs to bring in the difference to cover the gap or attempt a settlement with the lien holder(s). The process of trying to settle a mortgage for less than full is called a short sale review.
Typically you can only do a short sale with a lien holder is in a position to get less than full if the home was foreclosed on and also generally they want to see the borrower is in a hardship. They do not want to see a strategic default if a borrower can afford their mortgage.
A short sale is a process that requires submission of a package to the lien holders and a review. They will review for hardship, the property’s value, and an offer to determine if a short sale is in their best interest to accept. A short sale benefits a lien holder as they want to mitigate further losses from extended default or from a foreclosure ( they cost money and take time ).
A short sale benefits a seller as often they can settle the debt in full and not be pursued, avoid further credit impact or liabilities from a foreclosure.
If you need short sale help or have questions, please fill out the form below or call 1-800-692-9960 and a specialist will be in touch with you shortly.