The Official Directory of Five Star Force Short Sale Agents


Why a short sale? The goal of a short sale is to help you avoid foreclosure if you are no longer able to remain in your home. In the short sale process, you sell your home for fair market value, and your short sale agent negotiates to settle your mortgage debt for less than the amount that you owe.

Do I qualify for a short sale? You need to contact your current loan servicer to discuss your options and eligibility. Typically, you may be eligible to sell your home in a short sale, if:

  • You have a hardship, such as a job loss, divorce or medical emergency
  • You owe more than your house is worth
  • You are unable to afford your current monthly mortgage payment
  • You are unable to modify your current home loan
How does a short sale affect my credit? A short sale generally takes less time to complete than a foreclosure, so the reported delinquency could be shorter than it would with a foreclosure. As a result, your credit will likely improve faster than it would if your house goes to foreclosure.
While a lender may work with you to complete a short sale, they will continue to report the status of your account to the major credit reporting agencies. If a short sale is completed on your property, lenders will generally report that your loan was "paid in full for less than the full balance."

It is imperative that you verify your status with a mortgage servicer before pursuing a short sale. Some servicers may not approve the commencement of the short sale process before all other loss mitigation options have been reviewed.