Selling your home for less than you owe
If you can't afford your current mortgage, and staying in your home isn't an option, a short sale might help you avoid foreclosure even if the foreclosure process has begun. The foreclosure date may be postponed if a signed purchase offer is received by Wells Fargo. It allows you to sell your home for less than you owe on the mortgage, and may release you from having to repay the remaining mortgage balance.
How a short sale could help
- You stay in your home until closing. This gives you time to make other living arrangements.
- You pay no fees, Wells Fargo Home Mortgage covers all closing costs and real estate agent fees.
- We will work closely with you and your real estate agent to determine the acceptable market value of your home, the list price, and the time you have to sell your home.
- In most cases, the buyer of your home cannot be anyone you have a close relationship with, including family or friends.
- In rare cases, homeowners have to pay a deficiency balance at closing or afterward. We'll let you know if this applies to you before you commit to transferring the property.
- If you don't have to pay the deficiency balance, you may have to report that amount as income for tax purposes. Consult your tax advisor.
- A short sale can be complicated, especially if you have a home equity loan, line of credit, or other liens against the property, You should consult a legal and tax advisor about all possible short sale implications.
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