Real Estate Law: Short Sales
The Short Sale Process – NJ
Real Estate Law – Short Sale: When a seller sells a home and the sales price is not enough to pay off the sellers mortgage or mortgages, judgments, tax liens, and closing costs, this is typically called a short sale. In this situation the seller may approach their mortgage company to hopefully accept a payoff which is less than is owed which permits the seller to proceed and sell their home. A short sale presents a difficult time in a seller’s life. Every seller has a different situation. Issues for a seller may include questions about bankruptcy, sheriff’s sales, foreclosure, and more.
The Short Sale Process – NJ: A seller/home owner may consider many options, from staying in the home and waiting out a sheriff sale, to review various bankruptcy options, and to attempt to sell their home and move forward with their lives. Every situation is different and requires a careful review and anyalysis.