A short sale is an agreement with a lender allowing for the sale of a property to a third party for less than the amount owed on the mortgage. Under this agreement, the lender accepts less than the amount owed and releases the borrower from the mortgage, this is also known in real estate as a short payoff or a pre-foreclosure sale. The lender releases the borrower from the mortgage, thereby preventing foreclosure.
If you are a homeowner and want to know what your options are in today's housing market give me a call at 757-343-7783 or email me at cheryl@thecharlesgrp.com.
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