A mortgage short sale is an arrangement between the homeowners and the mortgage lender(s). A short sale occurs when the mortgage lender or investor accepts less money than owed and considers the debt “paid in full,” thereby permitting the sale to occur. The difference between the amount owed and what the mortgage lender collects on the short sale is known as the deficiency. Mortgage lenders in other states have tried to obtain judgments for the mortgage short sale deficiency and others have forgiven it. Fortunately, Arizona is an anti-deficiency state which will help to preserve your financial health after the short sale process. See legal implications of the short sale process.
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Article by Ron Wilczek
Ron has written 94 awesome articles.
Ron Wilczek has been a Real Estate Agent since 1999 and the broker / owner of Metro Phoenix Homes since 2009. He represents clients in resale, new home construction, investment homes, and multi-family investments.
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