You may still owe money after a foreclosure or short sale

A short sale is the sale of a property for less than what the owner still owes on the mortgage. A short sale is an alternative to foreclosure when a homeowner needs to sell and can no longer afford to make their mortgage payments. The lender agrees to accept less than the amount owed to pay off a loan now rather than taking the property back by foreclosure and trying to sell it later.

Whether you should do a short sale or let the home go to foreclosure depends on several factors. While for some homeowners, it is easier to throw up their hands and let the bank take the home, that might not be the wisest thing to do.

It can be obtained even after a foreclosure or a short sale.. to receive them, and this is usually because they don't get the right legal or tax advice in advance.

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The two big government-controlled housing finance companies, Fannie Mae and Freddie Mac, as well as other mortgage players, are increasingly pressing borrowers to pay whatever they still owe on.

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After the sale, the mortgage may show up. sale and loss of your money. It’s typically advised to work with a realtor with experience in short sales, because they can help you research the market to.

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Understandably, you may be confused about what happens next and whether you owe additional money on the property. What happens after. sale of the property. Most foreclosures in California are.

Borrowers who still owe money to their lenders after their homes are foreclosed and sold owe a "deficiency." The deficiency is the difference between the borrower’s debt to the lender and.

A short sale is an alternative to foreclosure and may 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 on your home than it’s worth; You have not been able to sell your home at a price that covers what you still owe on your.

Rashmi Airan-Pace, a foreclosure defense lawyer in Coral Gables, said this crisis may give "more leverage to the average homeowner" in reaching a solution other than foreclosure – such as a short sale.