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What a short sale is — and what it isn't
A short sale is a sale where your lender agrees to accept less than the full loan balance so the home can sell. You still own the home, you can live there until closing, and every offer is contingent on the lender's written approval.
It is not a foreclosure, where the lender takes the home, and it is not a loan modification, where you keep the home on new terms.
Behind on payments? Georgia moves fast
Most Georgia residential foreclosures are nonjudicial — no lawsuit and no judge.
• The lender must mail notice at least 30 days before the sale.
• The sale is advertised for four consecutive weeks in the county's legal newspaper.
• Sales happen on the courthouse steps on the first Tuesday of the month.
• After a nonjudicial sale, Georgia gives no statutory right to redeem the home.
In real life: by the time your home appears in the legal ads, you may have about a month. A short sale needs a signed contract, a complete hardship package and lender review. Call us the month you miss a payment, not the month the notice arrives.
You may not need a short sale at all
Many Metro Atlanta owners who are behind still have equity. If your home is worth more than everything you owe — first mortgage, second mortgage or HELOC, HOA liens and back taxes — a regular sale priced correctly is usually far better: you keep your equity, there is no lender approval, and there is no deficiency question.
Every consultation starts with a free, confidential equity check so you choose the right path.
Your options, side by side
Regular sale. Best if you have equity. Fastest and cleanest.
• Short sale. You choose the buyer and the market sets the price; the lender may waive the remaining balance in writing. Requires a documented hardship and patience.
• Foreclosure. The lender controls the timeline. In Georgia, a lender that reports the sale to the court within 30 days and gets it confirmed can pursue a deficiency judgment for the remaining balance.
• Deed in lieu. You hand the home back to the lender. The lender must agree, and many require the home to be marketed first.
• Keep the home. Reinstatement, forbearance, a repayment plan or a loan modification. Talk to your servicer and a HUD-approved housing counselor before you list.
The 2026 tax change every short seller should know
For years, federal law let most homeowners exclude forgiven mortgage debt on their primary residence from taxable income. That exclusion covered debt forgiven through December 31, 2025, or under a written agreement signed before January 1, 2026.
Unless Congress renews it, mortgage debt forgiven in a 2026 short sale can be reported on Form 1099-C and treated as taxable income — unless another exception, such as insolvency, applies. Meet with a CPA before you sign the lender's approval letter. We will give you the numbers to bring to that meeting.
The line in the approval letter that matters most
The approval letter should state whether the lender waives the remaining balance (the "deficiency"). Some letters release the lien but keep the right to collect. Some ask for a cash contribution or a promissory note. Second mortgages, HELOCs and HOA liens each need their own payoff agreement.
We read every approval letter with you, flag each of these items, and recommend you review it with a real estate attorney before closing.
How a TJS short sale works
1. Free, confidential consultation and equity check — in English or Mandarin.
2. Hardship package. Hardship letter, recent bank statements and pay stubs, tax returns, the lender's financial worksheet, and a signed authorization so we can speak with your lender.
3. Pricing built for the lender's valuation, so the lender's BPO or appraisal supports the offer.
4. List, market and accept an offer subject to lender approval.
5. Submit a complete package to every lienholder and follow up weekly through valuation, negotiation and final review.
6. Review the approval letter with you — deficiency, deadlines and your net at closing.
7. Close before the approval letter expires.
There is no upfront fee from you. In a short sale the commission is typically paid from the sale proceeds as part of the lender-approved settlement.
Buying a short sale in Metro Atlanta
Short sales can offer value, but they reward buyers who know what they're walking into.
• Expect lender approval to take weeks to months after your offer is accepted. Plan your lease, rate lock and move date around it.
• Short sales are usually sold as-is. Use your due diligence period for inspections.
• The lender can counter, ask for a higher price or decline.
• Ask the listing agent: Has a complete package been submitted? Is there a second lien? Has a valuation been ordered?
• Lenders require an arm's-length sale, so purchases by relatives or anyone connected to the seller are generally not allowed.
Protect yourself from foreclosure scams
Legitimate short sale help never requires an upfront fee.
• Never sign your deed over to someone who promises to "save" your home.
• Never stop communicating with your lender because someone told you to.
• Nobody can guarantee a lender approval.
短售 (Short Sale) 中文服务
如果您的房贷欠款高于房屋市值，或已经逾期还款，请尽早联系我们。我们提供免费、保密的中文咨询：先帮您确认房屋是否还有 equity，再比较正常出售、short sale、贷款调整等方案。请注意：2026年起，被银行免除的房贷余额可能需要缴税，签约前请先咨询 CPA。