In a short sale real estate transaction, a homeowner sells a property for a price that is less than the actual mortgaged amount. To facilitate such a deal, the homeowner gets in touch with their bank or mortgage company and requests a discount on the due amount.
Although these are not the ideal conditions for selling a home, it prevents foreclosure and even bankruptcy for some homeowners. In today’s economy, short sales have become very popular, as many homeowners are “upside down” or “underwater” on their mortgages. Continue reading
Foreclosure can become a drawn out process.
Because the foreclosure process differs to some extent from state to state, it is a good idea to consult your state’s particular foreclosure laws. In fact, if you are worried about having your home foreclosed on, it is probably a good idea to meet with an accredited financial adviser or foreclosure attorney. Even if you are not a homeowner, or you do own a home but do not have any issues making your mortgage payments, it is still good to have an understanding of how the foreclosure process works. Continue reading