Short Sale SellersWhat if the Lender Doesn’t Approve the Short Sale?
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Not all short sale requests are approved by all mortgage lenders. It’s been said that less than 50% of all requests for short sales are actually approved, leaving the homeowner with less options.
If this is the case, speak to an attorney immediately who specializes in real property foreclosure. A bankruptcy attorney can also provide some helpful advice in dealing with any deficiency balances owed to the mortgage lender. Losing your home to foreclosure doesn’t mean you can never buy again, it means it will take several years to re-establish your credit to allow purchasing a home again.