Frequently Asked Questions About Short Sales

Foreclosure prevention with short salesAt HSC we are often asked basic questions about the short sale process. Below are some of the most common questions that homeowners have about short sales.

Are there alternatives to foreclosure?

Yes! there are many other options besides foreclosure.

What is a short sale?

A short sale is the sale of a home for less money than what the lender is owed.

Who qualifies for a short sale?

Generally, any debtor (homeowner) who has financial hardship and owes as much, or more, than the home’s current value.

Will I pay any commissions or lender fees?

No! Commissions are paid by the lender.

How long does a short sale take?

Generally 3-4 months depending on the lender.

Will I receive any money from a short sale?

Homeowners may qualify for relocation assistance.

Are there advantages to a short sale?

Absolutely! Short Sales allow for more time in your home while the short sale is negotiated. Foreclosure, (normally 10 years) is not on your credit report, and, in many cases, the deficiecny is forgiven.

Do I have to pay taxes on the forgiven debt?

In most cases, No!

If you are facing foreclosure, contact Homeowners Servicing Company today to learn all your options and how to stop your home from bank foreclosure!

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