Owe more than your house is worth?
A short sale is involved when you want to sell your house but your house is worth less than the amount remaining on the mortgage(s).
Before getting involved in a short sale, you should realize that the difference from the amount owed and the sale price is not removed from your credit.
For example: if your house is worth $300,000 and you owe $275,000, you will have a shortfall of $25,000. In most cases, you will still be responsible for the $25,000 even after the sale.
Before agreeing to a short sale, I can advise you if that is in your best interest or a bankruptcy is better solution for you and may allow you to stay in your home. I will look out for your best interests.
Call Ralph A. Ferro, Jr., Esq. (201) 446-5904 so you have all the facts before you investigate or agree to a short-sale.