When a homeowner can no longer pay a home loan in full, what often follows is foreclosure or even bankruptcy. This is a very depressing financial situation, but it can be solved with a little known alternative: the short sale.

What is a Short Sale?

A short sale is usually the last step taken by the bank to recover losses from a defaulted mortgagor. When lenders agree to a short sale, it means the lender agrees to accept less than the total amount due. They are willing to forgive a certain amount of debt or deficiency. However, not all lenders will accept a short sale or discounted payoffs, especially if it would make more financial sense to foreclose.

The full process of a short sale will include a contract, an Authorization to Release Information and the addendum. A warranty deed is a tool used in the process. Let's examine the process now, starting with the contract.

Finding Short Sale Properties

As a home buyer, finding these distressed properties can save you alot of money when it comes time to buy your first or next home. In Charlotte, sales of distressed property is on the rise, as it is across the Country.

When you sign up to receive notifications in our Charlotte Foreclosed Listings Search, you will always stay in tune with the best deals to be found in the forclosure market.

There are no obligations and you can unsubscribe at any time - but who would want to?

Sign Up to Receive Foreclosure Listings Today!