Short Sales Can Help Some Columbia Owners Avoid Foreclosure

COLUMBIA — For homeowners upside-down on their mortgage — owing more on the loan than the house is worth — foreclosure isn’t necessarily the only option

There also is a short sale
 

A short sale is when a financially troubled homeowner, with the lender’s approval, sells his or her home for less than what’s owed on the loan.

Columbia homeowner's one of the main benefit of a short sale is that in many cases you may get out from under your mortgage without liability for the deficiency. A deficiency occurs when what you owe on your mortgage exceeds the amount you get when you’ve sold your home.

It is a negotiated loss to the bank between borrower and bank. “You may not even get hit with a deficiency judgment — A Short Sale may help to get you off the hook.”

But please Columbia homeowner's don’t expect the Short Sale process to be simple and effortless. Remember you are asking the lender to take a loss on your mortgage, and the financial institution won’t agree to that easily.