Many families today in Redding CA and across the United States are facing difficult family related issues that may result in a divorce. Most couples do not know that there may be options for them if they would like to sell their home in this trying real estate market.
What is a short sale?
A short sale happens when a home owner must sell their home, like during a divorce, but the home will not sell for enough money to cover the debt owed on it. And the current home owners do not have enough cash on hand to pay “out of pocket” the difference.
For example: The home owner purchased the home for $250,000 but now because divorce forces sale, the home can only expect to reasonably sale for $200,000 in the current real estate market.
The short sale process of any home must be agreed to by the lender, the mortgage holder, such as Chase, Bank of America or Wells Fargo for example.