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Short Sale

Selling your home for less than you owe

Program overview

If you can’t afford your current mortgage, and staying in your home isn’t an option, a short sale might help you. It allows you to 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 may be able to avoid a foreclosure sale, even if the foreclosure process has already started. 
  • You stay in your home until the new owner closes. This gives you time to make other living arrangements.
  • Pay no out-of-pocket fees at closing. The short sale transaction covers all closing costs and real estate agent fees.

Important considerations

  • 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.
  • The buyer of your home cannot be anyone you have a close personal or business relationship with, including family or friends.
  • In some 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 a tax professional.
  • A short sale can be a complex transaction. We cannot provide tax or legal advice. You should consult a tax professional and/or legal advisor about all possible short sale implications.

Call 1-800-678-7986 for help with your payment issues.

Deficiency balance

The difference between the amount still owed on a mortgage and the amount the home is sold for by the borrower (in the case of a short sale) or by Wells Fargo (in the case of a deed in lieu of foreclosure).