Give Short Sale a Chance!

A Short Sale is a transaction in which any Lien Holder releases its lien

against the Property and accepts an amount less than the full amount Lien Holder claims is owed

or treats the debt secured by the Lien differently than as originally provided for in the evidence

of debt. Before a Short Sale can occur, the Buyer, Seller and each Lien Holder

(except those creditors that are to be paid in the full amount claimed) must consent to the terms

of the sale. Sometimes creditors (they are to be paid in the full amount claimed) must consent to

the terms of the sale. Sometimes, the Liens are released but the Lien Holder does not agree to

release Seller from liability or reduce the unpaid portion of the debt, and the Seller and any

guarantors will remain liable after Closing for that unpaid portion, despite the release of the Lien

against the Property at Closing.

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