What is a short sale in a foreclosure?

A short sale is a type of foreclosure in Florida. It involves the homeowner negotiating with the lender to allow the homeowner to sell the house for less than what is owed on the mortgage. This helps the homeowner avoid foreclosure and allows the lender to recover some of its money. The reason this type of foreclosure is called a short sale is because the lender agrees to accept less than the full amount that is owed on the loan. Usually, the lender will only accept a short sale if the homeowner can prove that they have an economic hardship and are unable to pay the amount that is owed. In Florida, the process of a short sale begins when the homeowner contacts the lender and asks to make a short sale offer. The lender will review the financial situation of the homeowner and determine if a short sale is an appropriate solution. If it is, the homeowner will have to negotiate with the lender to get them to accept a lower amount than what is owed. Once the lender agrees to accept the offer, the homeowner must find a buyer who is willing to purchase the house at the reduced amount. The sale must then be approved by the lender, and the lender will then pay the homeowner the amount that was negotiated. Finally, the homeowner must sign the financial documents that are necessary for the transaction. Once the documents are signed, the homeowner will be released from their mortgage debt and the house will transfer to the new owner.

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What is a short sale in a foreclosure?

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