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What is the difference between a foreclosure and a short sale?

  • August 20 2014 - US
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Answers (3)

Profile picture for Outer Banks N C
When you hear the word foreclosure it is almost always used incorrectly. Once a home is foreclosed the term is no long appropriate since it is now owned by the bank and is a bank owned property that was, in the past, in foreclosure. But that is now in the past and you just need to buy it from the current owner - likely a bank. Just get  Realtor to work with and the bank pays them, so they are free to you to use.
  • August 20 2014
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Profile picture for zuser20140527115954303
Thank you very much. I have been looking at homes in Sarasota and was unsure mostly about the short sale.
  • August 20 2014
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 A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property. This is not a new practice; banks have been doing short sales for years. Only recently, due to the current state of the housing market and economy, has this process become a part of the public consciousness. To be eligible for a short sale you first have to qualify! To qualify for a short sale:
  • Your house must be worth less than you owe on it.
  • You must be able to prove that you are the victim of a true financial hardship, such as a decrease in wages, job loss, or medical condition that has altered your ability to make the same income as
  • Foreclosure is a civil lawsuit in which a bank, mortgage company or other lien holder seeks a court order to sell your property to satisfy a debt. If the court awards judgment to the lender, the lender can have the property sold at auction to pay off the mortgage debt. As a result of the foreclosure, you will lose whatever rights you have in the property.


    From the filing of a foreclosure complaint to the auction sale of the property, the foreclosure process in Maine generally takes 10 to 16 months.  As a homeowner, you can participate fully in the process, and you have the right to request free mediation at the courthouse. However, since foreclosure is a legal process, you must follow certain rules carefully to protect your rights.


     

  • August 20 2014
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