Tips for Stopping Foreclosure Now | eHow.com
Short Sale
A short sale is selling the house for less than the mortgage. The mortgage holder agrees to the concept of the short sale and stops the foreclosure proceedings. You then have an agreed to time to sell the house. The mortgage company must agree to accept the sales offer. You can't force them to accept an offer. The difference between the amount you still owe on the loan and the amount of the mortgage may be subject to income taxes.
Without proper knowledge of this whole process, do not let your broker or Realtor say they can help you with this process. As a Realtor they are not negotiation experts with the bank, and the time it takes to work on your home is not best use of their time. Find a loss mitigation expert in your area to help you with the process. Do not wait, they need at least 30 days to 90 days to work on your case to relieve you from the temporary set back.
