To have a short sale on your house due you have to have missed payments or just be behind on them?

Question

To have a short sale on your house due you have to have missed payments or just be behind on them?

Answer 1

In order to complete a short sale your lender will have to approve the amount of the offer.  Often, if you are current in your payments they will not even consider it, but some do.  Some lenders will not accept a short sale no matter what.  It really depends on your lender.

Answer 2

A short sale  happens when you sell your home for less than what is owed on the property.

Answer 3

Depends

Your lender has to agree to a short shale

It means that your home is selling for less than you owe them and they are (usually) forgiving you the balance you owe them

Answer 4

You have to be in foreclosure, it is done to avoid foreclosure, but can not be done if you are not actually in the foreclosure process (the lawsuit has been filed).