What Is a Short Sale?

A short sale is when the loan balance or mortgage owed on a property is greater

than what the market is willing to pay for the property. A short sale is a way for

the homeowner to avoid foreclosure on their homes and still be able to settle with

the lender. Essentially, in a successful short sale the lender will approve the sale of the home to a new buyer at a lower price than what is owed the lender.

Knowing Foreclosure

You must understand that every state has their own specific state laws in regards

to foreclosure proceedings.

Things you want to pay attention to are:

Is Your State Judicial or Non-Judicial?

Understand the Redemption Period for Your Specific State!

Judicial Proceeding – When a state’s foreclosure law dictates that the lender

must have court approval to foreclose on a property.

Non-Judicial Proceeding – Is when a state’s foreclosure law dictates that the

lender doesn’t have to have court approval to foreclose on a property

Redemption Period – The right of redemption is the right of the property owner

to redeem their property from foreclosure by paying the lender the outstanding

principal and interest due plus the lender’s costs to foreclose.