Short Sales Information:
The general definition of foreclosure is as follows:
Foreclosure is the legal process through which a property has been pledged as collateral for a debt or a mortgage loan, and is foreclosed on by the lender because the borrower defaulted on their obligation by failing to meet the agreed upon repayment terms contained in the loan agreement and promissory note.
Now we go into what is a real estate short sale?
It is the sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.
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