Saturday, November 22, 2014

A: Sometimes. But it is a complicated process and a lot will depend on the lender.

This process is called a “short sale,” which occurs when a lender agrees to write off the portion of a mortgage that is higher than the value of a home. But, usually, a buyer must be willing to purchase the property first.

A short sale may be more complex if the loan has been sold in the secondary market.  Then the lender will need permission from Freddie Mac or Fannie Mae, the two major secondary-market players.

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