What is the definition of a short sale? Check out these SS facts!!

Here are some interesting short sale facts.

1. By definition a short sale is any sale by an owner that provides a pay-off to its mortgage company that is less than what the full obligation of principal, interest and fees would normally be.

2. President Bush past a law on December 20th, 2007 allowing Bill H.R. 3648 to come into practice that allowed mortgage companies to agree to accept less on the principal balanced owed.

3. They are called short sales because they "short" the bank the money owed on the principal balance.

4. The average short sale takes 90 days to get approved.

5. The bill H.R. 3648 will only allow short sales through 2009.

6. If a short sale packet is presented to a mitigation officer missing any peice of the short sale packet it will get thrown to the bottom of the pile and take longer to get approved.

7. A seller participating in a short sale, can make offers on property while they are in the short sale process (I have no idea how they get approved for the loans exactly, maybe if they have cash....generally it takes a couple years at minimum to restore a seller's credit)

8. The debt relief is not taxable like most debt relief.