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Connecticut real estate lawyersOver the last few years, the American economy has largely improved, but for many families, times are still quite tough. When an individual or family is experiencing financial hardship, they may reach a point where they must start selling or liquidating some of their assets—possibly including their homes. In some cases, a homeowner may need to sell his or her home for less than the amount that remains to be paid on his or her mortgage. Such a transaction is called a short sale, and it may be one way for a homeowner who is behind on mortgage payments to avoid foreclosure.

The Basic Requirements of a Short Sale

Selling a home in a short sale is a complicated process for a number of reasons. First, there are always challenges associated with selling a house. Next, because the sale price of the home will be less than what is owed on the mortgage, the amount left on the loan after the proceeds of the sale are applied—known as a “deficiency”—must be accounted for during negotiations. Lastly, a short sale is only a good option if all interested parties are on the same page and agree to the deal. In many cases, the most challenging element of the transaction is getting the lender to allow a short sale.

If you are trying to convince a lender to agree to a short sale, you will generally need to meet a few requirements:

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