A short sale is an alternative to a foreclosure. You can qualify for a short sale if you are facing a foreclosure and can no longer afford your home. You can sell your home for less than the remaining balance on your mortgage. There are advantages to following through with a short sale. The mortgage company can allow you to pay off the rest or some of the house with the proceeds from the short sale.
A short sale can be an option if:
- You are ineligible to refinance or modify your mortgage
- You are facing a long-term hardship
- You are behind on your mortgage payments
- You owe more than your home is worth
- You can no longer afford your home
- You have not been able to sell your home at a price that will cover what you still owe on your mortgage
Starting Point can handle most of the details with your lender. The good news is, you can even go through a short sale if you are going through a foreclosure. In addition, you can stay in your house until the short sale is complete. Starting Point can get your familiar with the Home Affordable Foreclosure Alternative (HAFA), which is a program that provides incentives to follow through with the short sale process. SPHS can help you find out if you qualify for HAFA and get you started on the road to a successful short sale.