What is a short sale lender?
A short sale lender is a lender or bank who works with borrowers to negotiate short sales. A short sale lender will agree to accept less than the full balance of the mortgage loan, provided that the borrower be in a distressed, hardship situation and the house equity being negative or upside down. A short sale lender will agree to a short payoff with the borrower usually because it is less costly for them than foreclosing a house.
If you have any further questions about short sales and foreclosure, please contact us.