Q. What is a short sale?
A. According to the North Carolina Association of Realtors®, a short sale occurs when the purchase price is or may be insufficient to enable seller to pay the costs of sale, which include but are not limited to the Seller’s closing costs and payment in full of all loans or debts secured by deeds of trust on the Property due and owing to one or more lender(s) and/or other lienholders. The seller also does not have sufficient liquid assets to pay any deficiencies. The lienholders agree to release or discharge their liens upon payment of an amount less than the amount owed, with or without the Seller being released from any further liability.

--------------------------------------------------------------------------------

Q. Who qualifies for a short sale?
A. As a homeowner, you must be either in default on your mortgage or in imminent danger of default. This must be as a result of a proven hardship that is preventing you from paying your mortgage. Examples of hardships are:

Loss of a job
Reduction in pay / overtime / loss of bonus
Medical bills
Divorce
Death of a spouse or loved one
Overwhelming Debt
Incarseration

If you have additional questions about Short Sales in North Carolina please give me a call. Debbie Clifton @ 919 669-2995