Find out more about short sales
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
But to be technical, here’s a more official definition:
For homeowners to qualify for a short sale, they must fall into all of the following circumstances:
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals.
To view homeowner consequences comparing foreclosures and short sales click here
To view a summary of Maryland Foreclosure Law click here.
The Home Affordable Refinance Program
Fannie Mae Loan Lookup
Freddie Mac Loan Lookup
Catholic Charities USA©
Citizens’ Housing and Planning Association, Inc.
Homeownership Preservation Foundation©
The Housing Partnership Network©
Mission of Peace Housing Counseling Agency©
Money Management International, Inc.©
National Council of La Raza
National Federation of Community Development Credit unions
National Foundation for Credit Counseling©
The National Urban League©
Neighborhood Assistance Corporation of America© (NACA)
Rural Community Assistance Corp.
Structured Employment Economic Development Co.