Selling at a Loss

Selling at a Loss

Can a home seller sell a home for less than its mortgage?
Yes, in some case you can sell your home for less than what you still owe on the mortgage, but this is complicated and depends on the lender. This situation is known as a "short sale." Sometimes a lender will be willing to split the difference between the sale price and loan amount, which still must be paid. A short sale may be more complicated if the loan has been sold to the secondary market because then the lender will have to get permission from Freddie Mac, the two major secondary-market players. If the loan was a low down payment mortgage with private mortgage insurance, then the lender also must involve the mortgage insurance company that insured the low-down loan.

When does foreclosure begin?
Lenders will initiate foreclosure proceedings when borrowers become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the borrower in writing that he or she is in default. The lender can request a trustee's sale or a judicial foreclosure, in which the property is sold at public auction. A borrower can cure the default by paying the overdue amount and the pending payment after the notice of default is recorded, usually no later than a few days before the property's sale. Some sales allow the successful bidder to take possession immediately. If the former owner refuses to vacate the premises, the court can issue an unlawful detainer that allows the sheriff to come out and evict them. Borrowers should do everything they can to avoid foreclosure, which is one of the most damaging events that can occur in an individual's credit history.

Search Peoria, Glendale, Arizona, Real Estate Listings & Homes For Sale Provided by Keith Ritter & The Ritter Team, Peoria, Glendale, Arizona, Foreclosure Homes, Bank Owned Home, real estate listings & homes for sale provided by Keith Ritter & The Ritter Team, your local expert real estate agent(s). Listings include photos, descriptions, and links to more detailed information. Peoria, Glendale, Arizona, Real Estate Listings, Homes For Sale, Home Buying, Selling, Agent, Listings, MLS, Realty, Land, Residential, Property, House, Real Estate, Keith Ritter & The Ritter Team, REALTOR®, Keller Williams, Real Estate Agent, Broker, Relocating, Relocation, Local Information, Free Reports, Maricopa, AZ, Foreclosure Homes, Bank Owned Home, Unique and Luxury Properties and Homes, homes for sale in Maricopa County AZ, Get the best real estate listings & homes for sale, expert advice, local info, and much more from a real estate agent, Contact Keith Ritter and The Ritter Team Today, short sales, short sale homes, short sale houses, Search Peoria Neighborhoods, Glendale Neighborhoods, real estate for sale, Peoria Real Estate, Glendale Real Estate, Arizona Real Estate, Featured Homes, Homes, properties, real estate Peoria, Glendale, Phoenix, Scottsdale, Surprise, Goodyear, Sun City, See virtual and visual tours, photos and more of homes, houses, properties, other real estate for sale in Arizona, Find Real Estate Listings, Houses for sale, Information on Foreclosures, Short Sales, and the area market, www.GlendaleAZRealEstate.com, http://www.PeoriaAZRealEstate.com, www.ClickPeoriaNeighborhoods.com , www.clickglendaleneighborhoods.com, www.browsephoenixproperties.com, www.browseglendalerealestate.com, www.PEORIAHOMESBYEMAIL.COM, www.HOMEVALUESPEORIA.COM, www.keithritter.com

Contact Information

Photo of Keith Ritter Real Estate
Keith Ritter
Keller Williams Realty Professional Partners
7025 W. Bell Rd, Suite 10
Glendale AZ 85308
Office: (602)908-5020
Mobile: (602)885-2018
Fax: 623 776-4996