{"id":159,"date":"2018-11-28T12:41:49","date_gmt":"2018-11-28T12:41:49","guid":{"rendered":"http:\/\/mortgagemodificationri.com\/blog\/?p=159"},"modified":"2019-02-05T03:28:11","modified_gmt":"2019-02-05T03:28:11","slug":"what-is-a-short-sale","status":"publish","type":"post","link":"https:\/\/mortgagemodificationri.com\/blog\/2018\/11\/28\/what-is-a-short-sale\/","title":{"rendered":"What is a Short Sale?"},"content":{"rendered":"

Although the term \u201cshort sale\u201d is commonly used, not everyone knows what it actually means. If a homeowner finds themselves not being able to pay the mortgage, the homeowners may be encouraged to enter into an agreement for a short sale<\/a>. A short sale is when the homeowners are behind on the mortgage, so instead of a foreclosure, the bank and homeowners agree to sell the home for a price that could be less than what the homeowners owe the bank. Depending on the laws of the state where the short sale occurs, if the house is sold for less than what the homeowners owe the bank, the bank may be able to sue the homeowners for the difference. Alternatively, the homeowner may be able to ask that as a condition of the short sale, the bank consider the sale payment in full on the mortgage.<\/p>\n

Short sales may be helpful for certain homeowners, but for homeowners who are behind on the mortgage payments and would like to stay in the home, a mortgage modification<\/a> may be a useful tool. Mortgage modifications can work in a variety of ways, but the end result is that the mortgage payment is made more affordable. The homeowners get to stay in the home and avoid having a short sale or foreclosure.<\/p>\n\n\n

The Mortgage Modification Center<\/h2>\n\n\n\n

\nIf you believe that a mortgage modification may help you stay in your home, please reach out to the Mortgage Modification Center<\/a> at (401)467-7998. Attorney John S. Simonian<\/a> offers a free initial consultation to discuss your options.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"

Although the term \u201cshort sale\u201d is commonly used, not everyone knows what it actually means. If a homeowner finds themselves not being able to pay the mortgage, the homeowners may be encouraged to enter into an agreement for a short …Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[60,3],"tags":[29,41,26,5,4],"class_list":["post-159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-modification","category-mortgage-modification","tag-attorney","tag-cant-pay-mortgage","tag-financial-hardship","tag-loan-modification","tag-mortgage-modification"],"yoast_head":"\nWhat is a Short Sale? • Mortgage Modification Center • Rhode Island<\/title>\n<meta name=\"description\" content=\"Heard the term short sale, but not exactly sure what it means? 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