With a short sale you may have the option to sell your home for less than the amount owed on your mortgage. By doing this, you may be released from your obligation to pay back your primary mortgage under its original terms. Your mortgage servicer may accept the proceeds of the sale as payment in full. This option can help you avoid a foreclosure sale and may be considered even if the foreclosure process has started.

As the homeowner, you:

• Avoid a foreclosure sale — in some cases the foreclosure sale may be postponed once a written, signed offer is received and approved by Loan Servier.
• Can live in your home until the new owner closes, giving you time to make other living arrangements
• May be released from your obligation to repay your mortgage balance

To get the process started, call to discuss a short sale with a FRN representative. Here’s what you can expect:

• You provide us with your financial information, explain your situation and why you are unable to make your mortgage payments.
• We help you package your information and determine if your mortgage qualifies for a short sale.
• If your mortgage qualifies, we’ll work closely with you and your lender currently  to determine an acceptable sales price and the amount of time you have to list and sell your home. Together, we’ll work through the details and steps to sell your home at an agreed-upon price so you can avoid a foreclosure sale. Please keep in mind that the buyer of your home may not be anyone you have a close relationship with, including family or friends.