A foreclosure is the legal process by which a lender forces the sale of a property because the borrower has not met the mortgage terms.
A short sale occurs when a homeowner owes more on their property than the property is actually worth, but the bank agrees to accept less than what is owed as "payment in full", in an effort to avoid the foreclosure process. In other words, if the Seller meets the lender's criteria, the lender agrees to "write off" the portion of a mortgage that is higher than the value of the house. A Short Sale is far less damaging to the homeowner's credit than a foreclosure.*
Generally, there are three criteria that qualify a homeowner as a Short Sale Candidate: 1) Are you behind on your mortgage payments? 2) Do you owe more on your mortgage than the value of your house? 3) Have you experienced some kind of legitimate hardship, such as a job loss, divorce, illness or a cut in pay?
Please contact us if you are struggling to make your house note, and we will help by offering a free CMA to evaluate your situation, and possibly prevent the loss of your house through foreclosure.
* We advise that you also consult an attorney and a credit specialist with specific concerns dealing with legal or credit issues.
If you are in foreclosure or interested in learning more about short sales, please contact us!
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