Short sales and foreclosures are the latest buzz words in the industry and whether you are a buyer or seller it is important to understand what they mean before jumping in. A short sale is a transaction in which a lender allows the real property securing the loan to be sold for less than the remaining mortgage amount due and accepts the proceeds as full payment of the loan. A lender may accept a short sale when the borrower is in severe financial straits and market conditions make a short sale the best choice to mitigate the lender's damages. This saves the lender the costs of foreclosure and the borrower avoids having a foreclosure on his or her credit report.
If you are a homeowner and for a myriad of reasons, are now in the situation that you can't…
The Marin County Short Sale: Not as easy as people think
Short sales and foreclosures are the latest buzz words in the industry and whether you are a buyer or seller it is important to understand what they mean before jumping in. A short sale is a transaction in which a lender allows the real property securing the loan to be sold for less than the remaining mortgage amount due and accepts the proceeds as full payment of the loan. A lender may accept a short sale when the borrower is in severe financial straits and market conditions make a short sale the best choice to mitigate the lender's damages. This saves the lender the costs of foreclosure and the borrower avoids having a foreclosure on his or her credit report.
If you are a homeowner and for a myriad of reasons, are now in the situation that you can't…