short sale of homes

Question

Nov 14, 2007, 04:41 PM

umad ahmad

New Member

Join Date: Nov 2007

Posts: 1

short sale of homes

What is Short Sale? and how can I learn the process involved. Thanks.

Answers

Nov 14, 2007, 07:34 PM	#2

Fr_Chuck

Christianity Expert

Join Date: Nov 2005

Location: Atlanta GA

Posts: 29,102

you have a home you can't pay the loan on, you try to sell it but can't sell it for more money than you owe to the bank.

So you get permission from the bank to sell it to someone for less than you owe on it.. You will then pay taxes on the difference from what is owed to what it sells for.

It is totally up to your bank or loan company to approve or allow it, so between your real estate agent and your bank, there is nothing for you to learn.

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