FORECLOSURE vs SHORT SALE

 By Definition: 

Foreclosure is what happens when a homeowner fails to pay the mortgage. More specifically, it’s a legal process by which the owner forfeits all rights to the property. If the owner can’t pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction. For help with this process, contact us as soon as possible.

A short sale transaction occurs when mortgage lenders allow the borrower to sell the house for less than the amount owed on the mortgage.

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