Simply, in a short sale, the property is sold for less than the amount due on the mortgage, and the bank agrees to accept the lower amount to satisfy the debt. This saves the homeowner from getting foreclosed on by the lender and not ruining his or her credit.
In today's market, it is more and more common that people can not afford to pay their mortgages due to unfortunate circumstances in their lives. The reasons may include; a dramatic jump in payment due to adjustable interest rate (ARMs), 100% financing when purchasing the house, loss of job, disability, divorce, tenants not paying and etc. We want you to know that you are not alone and we are here to help. As short sale experts in New Jersey, we will take it upon our selves to sell your property for less than what is owed against it to avoid the foreclosure. For the record, foreclosure may affect your credit history for about 7 years. Don't delay with this matter before it's too late.
