Understanding the Short Sale Process

As head of Diditan Financial, Inc., Arie Abekasis leads a company that offers customers a one-stop solution for competitive mortgages and home loans. Arie Abekasis and his team assist clients in tax reassessments and have experience in short sales, which occur when the balance owed on a property exceeds the value of that can be achieved by sale of the property.

Through the short sale, holders of security interest release their liens on the property and settle for an amount less than the owed amount. The sale does not release the debtor from the deficiency, which is the loan shortfall. Borrowers are still obligated to pay back this amount fully. It does offer a number of distinct advantages through protecting credit and having minimal impact on credit scores. In addition, with the home being put up for sale, mortgage payments are no longer necessary. The short sale process additionally benefits home buyers, as they are able to access properties at prices lower than their actual value.