Homeowner guide
Understand the situation before you decide.
A short sale may be one possible path when the mortgage balance and selling costs exceed the expected proceeds. Start with the facts, the deadlines and the questions that matter.
First questions
What should be reviewed?
- Current estimated property value and expected selling costs
- Total mortgage, lien and HOA balances
- Payment status and any foreclosure notices or sale dates
- The hardship affecting the household
- Whether the homeowner wants or needs to move
- Possible lender workout or retention options
- Tax, legal and credit questions for qualified professionals
Build your understanding
Four useful next steps.
Compare options
Learn what may be available before deciding to sell.
Gather documents
Prepare the financial and property information lenders may request.
See the timeline
Understand the steps from review through approval and closing.
Talk confidentially
Discuss the real estate side of the situation with a trained agent.
Who should be on the homeowner’s team?
A short-sale agent coordinates the listing and transaction. The mortgage servicer or investor decides whether to approve the sale. An attorney can explain rights, foreclosure timing and possible remaining liability. A tax professional can address potential tax treatment. A HUD-approved housing counselor can help review housing options.