Foreclosures - Free Foreclosure List, Current Bank Foreclosures, HUD Homes, HUD Properties, VA Foreclosures, Free Foreclosure listings, Foreclosure List

Foreclosures vs. Short Sales

What are your options when faced with the decision of foreclosure? Is that the only way?

There is such a thing as a short sale. A short sale opposed to a foreclosure is when a payoff less than the loan�s balance is accepted by an agent of the seller, or a seller�s lender, on the mortgage of the property. Lenders use their own judgment when, or if, accepting a short sale with a property undergoing foreclosure.

Actually, the property may not be physically involved, unlike with an actual foreclosure, with the actual property that was mortgaged being taken due to a loan�s default in a legal process. It�s the loan that will be affected, or serviced, as opposed to an acquisition and reselling which could mean an escalation of fees and time.

This differs from a foreclosure as the payoff is less than, or shorter, than what is actually owed on the mortgage balance of the property in foreclosure. The interest in the mortgaged property with a foreclosure is an acquisition involving a forced sale through an estate broker, or public auction house, of the foreclosed upon property. The sale�s proceeds are applied to the debt of the mortgage.

Search Listings By State:

Foreclosures vs. Short Sales | HUD Homes Financing and Assistance | Quality in HUD Foreclosures | Buying a HUD Listing | Century 21 Foreclosures | Commercial Foreclosures | Foreclosure Statistics | Chase Foreclosures | Foreclosure Checklist | Trulia as a Foreclosure Resource

Free Foreclosure Listings | Bank Foreclosures | HUD Homes | Cheap Homes