Foreclosure & Short Sale FAQ's
Foreclosure Frequently Asked Questions
Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options for foreclosure are many; following is a brief explanation of these solutions.
A Foreclosure occurs when:
It is a legal and professional proceeding in which a lien holder or lender seeks to take back a property if the borrower has defaults on the loan.
Short Sale Frequently Asked Questions
A homeowner is ‘short’ when:
A “Short Sale” is when a borrower owes an amount on his/her property than when combined with closing costs and commission is higher than current market value.
A short sale occurs when:
We can negotiate with the Mortgage Company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is “sold short” of what is owed to the mortgage company.
What are the financial consequences of a short sale?
A Foreclosure is a credit item that lasts forever, a short sale is not. Please consult with your accountant. Here is some factual information.
Mortgage Forgiveness Debt Relief Act of 2007
No obligation, Free Report On:
3 Must Have Qualifications For A Short Sale Home Owner
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YES! I WANT TO TAKE THE FIRST STEP IN AVOIDING FORECLOSURE
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