Lehigh Valley Short Sale, Avoiding Foreclosure

Short Sale - "Short" the money to pay off the mortgages or liens when Selling a Home or Property

A Lehigh Valley Short Sale occurs when the Home Seller MUST sell the house and can't recoup what is needed to pay off any mortgages and liens on the property. For instance, the house was purchased two years ago for $250,000 and the selling price on similar homes is now $230,000. In this situation, the Lehigh Valley Home Seller needs to write a Letter of Hardship to the mortgage company explaining why they are in financial duress. If a Hardship is Proven, the Bank May Accept Less in order to sell the house through You the Seller rather than risk having to foreclose on the house in the future. A Short Sale gets trickier when there is more than one mortgage and/or liens on the property. Negotiations have to be done with all parties to agree on an acceptable payoff to release the property. Frustrations with a Short Sale almost always involve the response time of the Lending Institution. A potential Home Buyer may not be willing to wait weeks or even months for the offer to be fully accepted and approved by the bank. If the Mortgage Company will pre-approve the Short Sale that is a plus. More information about Lehigh Valley Short Sales is available on LehighValleyHomesOnline.com