As many of you have become aware, there are several borrowers throughout Kentucky who find themselves "upside down" on their house, in that they owe more than what their property is worth.  This situation makes it difficult for these individuals to sell their homes because it would force them to bring money to the closing that they simply do not have.  Should you find yourself in this situation, you might still be able to sell your home without bringing any money to the closing, and this can be accomplished through the negotiation of a “short sale” with the lender.  A short sale occurs when a lender accepts a lesser (or discounted) payoff to release an existing mortgage, most often due to the borrower's current economic hardship.  The ultimate effect would be that the borrower would not have to bring additional money to pay the difference between what the lender agrees to accept and what the borrower actually owes.  But you should keep in mind that this type of negotiation can be a complicated process, and you do not want to miss any important detail due to inexperience or failure to follow up in a timely manner.  Call us or send us a request for more information (which can be found to the immediate right of this blog) and we would be more than happy to help you navigate through this complicated process.