Struggling home owners who think they can no longer sustain their monthly mortgage may possibly prevent foreclosure by “short selling” their home.
In a short sell situation, the lender permits you to sell your home for an amount less than what you owe. The difference between what you sold the house for and what you owe is called a deficiency. In some cases, an agreement may be struck with the lender so you are no longer liable for the rest of the money owed–the deficiency. Although your credit report would not reflect bankruptcy or foreclosure after this process, a short sell would still affect your score.
A short sell is only one option to avoid foreclosure. If your home is being threatened by this legal process, discuss your options with an experienced attorney who may offer you critical legal advice. Contact the legal team at Hong Law, PLC, in Cedar Rapids today by calling our offices at (319) 294-5853.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office