8/31/07

Short Sale vs Foreclosure

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.

Definition: Foreclosure is the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property due to the owner's failure to comply with an agreement between the lender and borrower (mortgage in default).

Contact me to either avoid foreclosure or to sell your property when you owe more than the home is worth.