- Banks will accept less than you owe on the mortgage which is what a short sale is.
- Banks will put in writing that they will not come after you for the losses refered to as a deficiency judgement
- Banks will pay all the closing costs in most cases to include any real estate commissions, transfer taxes, hoa/condo fees, attorney / settlement agent fees, liens for taxes and water bills, and other liens on the home for example credit cards, etc (usually lien holders will have to accept a discount).
- Banks will often pay relocation assistance to sellers
- You Will typically be able to buy another home if you wish in 2 – 3 years from the sale of your short sale home.
Helpful Links On Our Site