A short sale is when you sell your house for less than the principal balance of the existing mortgage. Typically in a short sale, the homeowner is experiencing a financial hardship, and the property may be listed for sale at less than what is owed on the existing mortgage. CitiMortgage may agree to accept less than the full amount owed in order to consider the mortgage obligation complete.
In short sales , you must be willing to leave your home and must work with CitiMortgage to ensure the process is fully documented.
One of the options that may be available to you is the government's Home Affordable Foreclosure Alternatives (HAFA) Program. HAFA provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale instead of proceeding with the foreclosure process.
We know it can be difficult to understand all of these options and figure out the best solution. However, the more you know, the better informed you will be when making a decision regarding your home.
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