Short Sale Definition
So quite simply, a short sale in real estate occurs when a property has NEGATIVE EQUITY. It is an option that is available to homeowners who are behind on their mortgage payments and have a home that is underwater. Usually for a short sale to be approved, a homeowner has to have a hardship.
The most common hardships of a homeowner that are in default, or facing foreclosure in Massachusetts are job loss, or loss of income, reduction of income, death of a borrower, separation, divorce, job change more than 50 miles from the subject property, or catastrophic event that occurs at the property.
Short sales are still very much a part of the current real estate market. Massachusetts saw a spike in order notices in October of 2019. The increase actually started in August, but a large spike occurred in October.
Although foreclosures are declining, in 2018 there were over 8,000 orders of notices filed in Massachusetts. Even if 25% of those have negative equity, homeowners still need help with selling a short sale.
Short Sale Mitigation, LLC is here to assist in this process. We are Massachusetts third-party negotiator. We have been assisting homeowners since 2010.
For Realtors, Attorneys, Title companies, etc interested in our services please go to http://massachusettslossmitigation.com/
For homeowners needing assistance with avoiding foreclosure please go to http://shortsalemitigation.net/
2500 Main Street,
Tewksbury, MA 01876
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