A homeowner is SHORT when they owe more on their mortgage than the current value of their home. A SHORT SALE is a negotiation with the current Lender to accept less of a payment that the full balance of the mortgage plus closings costs, commission, and escrow fees. If successful no additional money will be needed from the seller to close.
It is a simple process right? Well not exactly, remember all the documents you submitted to your lender to get the loan. The bank will ask for similar documents better known as a Hardship Package. As much as you needed an experienced lender to get you the right loan on your property when buying, it is equally if not MORE important to hire an expert to execute a short sale.