Well hello and welcome again to Short Sale Shift I am Matt Fetick and I am so happy you could joining me today. We are Philadelphia’s leading short sale specialists and I blog frequently to keep homeowners in the surrounding communities up to date and informed on their options for avoiding foreclosure. If you would like more information or have questions for me please visit my website or contact me today to get started.

For our blog topic today I wanted to discuss what to expect during the short sale process if you have a second or third mortgage on your home. If a homeowner is behind on their mortgage they can often times sell the home in order to pay off their first mortgage. However, if a second or third mortgage exists, with the state of the housing market their probably won’t be enough equity to pay off any home equity loans on the house. A lot of homeowners in the Philadelphia area borrowed money at the top of the market and now that home prices are dwindling homeowners are unable to sell their homes for what they paid. When we complete a short sale for a homeowner their approval letter will clearly state if there is any responsibility to payback part of the unpaid balance. When there are multiple mortgages on a home a short sale may be your only option to get your home sold quickly. If you have any questions or would like to sit down and discuss your options please visit my website or contact me today. We are Philadelphia’s leading short sale specialist and I want to help you get out from under your distressed property today.