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FORECLOSURE VERSUS SHORT SALE:

If life gives you a hundred reasons to cry, show life that you have a thousand reasons to smile. Moving away from the place you called home for so long can be a sad experience. Your financial situation deteriorated and you are forced to take corrective action. This can be a positive experience by demonstrating the right attitude. By making decisions in the right direction, you can become stress free. If your mortgage payment became a burden and you can no longer keep up with the increase of living costs, get professional help, guidance and assistance from your real estate agent.

 

Definition (Thesaurus) of Foreclosure: to deprive (a mortgagor) of the right to redeem mortgaged property, as when payments have not been made and to bar an equity or a right to redeem (a mortgage).

 

Definition (Thesaurus) of 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.

In the process of foreclosure the bank now owns the property. This is usually caused by default on mortgage payments and ends up in a forced sale at a public auction. With short sales, the bank does not own the property, as is the case with foreclosures. However, the bank does need to approve the sale since the bank, and not the seller, incurs a loss on the property (which is usually sold below market value).

According to a cover story in the Washington Times some time ago Zillow reported that more than one-fifth of Americans owe more on their mortgage than their home is worth. For homeowners who can not pay their monthly debts, being underwater is unpleasant and worrisome. Contact your lender as soon as you recognize you will have a problem paying your mortgage and continue to pay your mortgage as long as you can; even partial payments are better than no payment at all. Get in touch with your Realtor who can do an accurate market analysis and price your home according to its true market value. A short sale can be a better solution because the long-term consequences are less painful than a foreclosure    
Published Tuesday, December 13, 2011 7:15 AM by Joe Prunty

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March 16, 2018 4:19 AM

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