A short sale is when a borrower is forced to sell their home for less than they owe on it. Typically, it is the result of some kind of hardship. Sellers are forced to ask the lender to take less than the full amount owed. Considering a Short Sale is a stressful and overwhelming process. Finding the facts and reliable information is even harder. Part of that is caused by the fact that there are many different loans, lenders and real estate agents all with their own requirements and experiences. Below is a list of links for information and sources that we trust.
HUD PFS Program – Utilizing the PFS Loss Mitigation Option (Net Sale Proceeds info on page 12)
Disclaimer – The rules and regulations change frequently as the government and lenders work to develop better processes.