Short Sale Mortgage

Short sale mortgage is a process where you ask your mortgage company to lower the amount you owe them on the property. To short sale mortgage, you often have to find a real estate investor who is interested in buying your real estate property to negotiate with your mortgage lender.

How does a short sale mortgage work?

When you are upside down on your mortgage, you should find a real estate investor who is willing to do a short sale mortgage on your property. The real estate investor must be interested in purchasing your home. To short sale mortgage on your house, the real estate investor will contact your mortgage company, ask them for a short sale package and work with you to convince them to let him or her buy your home at a reduced price.

What are the chances of successful short sale mortgage?

Whether the real estate investor will succeed in convincing the mortgage company to allow a short sale mortgage or not depends on various factors such as:

• how experienced the real estate investor is at short sale mortgage
• the housing market at the time
• whether the mortgage company feels that it can get more for your house going the foreclosure route
• the homeowner's situation
• the condition of the house

How long does a short sale mortgage take?

Sometimes it takes just a couple of weeks to complete the short sale of mortgage process. Sometimes the mortgage company will give you and the real estate investor a run around and takes months to make a decision whether to accept a short sale of mortgage. How long a short sale of the mortgage takes depends on the bank.

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