SHORT SALE
Definition: A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
Examples: If the unpaid balance of a loan is, say, $100,000 and a property sells for $90,000, under a short sale the lender might accept $90,000 as payment in full.
We have the experience and can help you through the process of selling your home though a Short Sale by negotiating with the lender on your behalf.
FORECLOSURES
Definition: a legal proceeding in which the bank can take possession of and sell a mortgaged property when the borrower does not meet his or her contractual obligations, e.g. is delinquent on payments. Foreclosure remains on your credit report for seven years.
|
