Short Sales and Foreclosures

Foreclosure Information

So what is a foreclosure? A foreclosure is to shut out or extinguish a mortgagor's right of redeeming a mortgaged estate. It’s a method or process which terminates any and all rights of the homeowner covered by the mortgage. The property in question becomes the absolute 100% property of the lending facility. With the numbers of foreclosures growing weekly, daily and hourly in the region homeowners need more help than ever.

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A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens' full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency.[1] Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties.

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