A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's mortgage. In a short sale, the lender agrees to discount a mortgage balance because of an economic or financial hardship on the part of the borrower. The home owner sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender Any short sale contract includes a contingency where the bank must approve the sale. ***Recently enacted California Senate Bill 401 aligns California's tax treatment of forgiven debt with federal law. Vist our Blog for details*** Chino Hills Median Home Price Residents of Chino Hills since 1989, Rick and Rita possess an intimate knowledge of the various neighborhoods that make up the City of Chino Hills and the surrounding commuities of the Inland Empire and Orange County. You will find their local area knowledge essential to the successful conclusion of your real estate transaction!
A short sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.
Short sales are a type of settlement, and they adversely affect a person's credit report, though the negative impact is typically less than a foreclosure.

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Rick and Rita Rhilinger
Community Partners Realty
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