A short sale unfolds when an individual owes more on their home than its current market value, a scenario commonly referred to as being "underwater" on the mortgage. When one reaches a point where maintaining mortgage payments becomes untenable, a short sale becomes a plausible option.

In essence, a short sale involves the lender agreeing to accept an amount less than the outstanding mortgage balance, enabling the homeowner to sell the property to a new owner capable of meeting the financial commitments. This strategic move can be a lifeline, particularly in scenarios where foreclosure looms large. Although the loan amount remains unchanged, the bank's willingness to settle for less than the total owed amount facilitates a negotiated solution.

If you are looking for a Short Sale expert in Miami, contact us to schedule a free consultation.