What is a Short Sale?

The National Association of Realtors defines a short sale as “a transaction in which the lender, or lenders agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.”

PART I PARADIGM SHIFT IN PROCESSING SHORT SALES

A. Lender Short Sale Response Time

MYTH: Banks must respond to short sale offers within ten (10) days after submission.