Short Sales When a homeowner is in financial trouble due to unforeseen circumstances and the homeowner is no longer able to continue to pay their mortgage and is facing a foreclosure, but a sale of the home would not cover the mortgage owed, other fees, and closing costs, few options remain.  If the homeowner was to sell the home it is possible that the sale would be "short" of funds to meet all obligations.  This would result in a deficiency judgment, wherein the homeowner, who now no longer owns the home, still owes the shortfall incurred at the time of sale.  There is another option to foreclosure--a SHORT SALE.  A "Short Sale" occurs when a property is sold and the lender agrees to accept less money than is owed.  It is important to note that some "Short Sales" can result in a deficiency judgment.  Therefore, it is essential to work with a Realtor who understands that this possibility exists and will do everything they can to assure that the homeowner will not be held liable for any shortages after closing.    If you or anyone you know is in a position where a "Short Sale" could help, please contact me to discuss this option further.  I have experience working with homeowners to help them save their homes, if possible, or sell them as a Short Sale to avoid foreclosure. Contact me at 847-308-2424. Helpful Links Real Estate Short Sales How to Succeed at Short Sales