The foreclosure process begins when a borrower/owner defaults on mortgage payments. Foreclosure is the termination of all rights of the homeowner covered by a mortgage, and to recover the amount owed on the defaulted loan, the lender repossesses the property and the estate becomes the absolute property of the lender.
For homeowners who can no longer afford to keep mortgage payments current, short sales are an alternative to foreclosure proceedings. When lenders agree to do a short sale in real estate, it means the lender is willing to allow the sale of the estate for less than the total amount due on the loan.
Short Sales are a way for both homeowners and lenders to minimize their losses. Not all sellers nor all properties qualify for short sales, however, in these challenging economic times, lenders are realizing that they can save money in a short sale versus a foreclosure and are more likely to approve a short sale offer than they have been in previous years.
When homeowners are pushed to the edge of foreclosure, it is vital to know you have options. Dealing with distressed properties can be a complicated process, and homeowners often times find themselves going through the financially and emotionally challenging prospect of foreclosure without guidance of any kind. Contact C. Mark Hardee to get a free report on the alternatives available to you to avoid the financial freefall that comes with foreclosure. As a Certified Distressed Property Expert (CDPE), I can provide you with information describing several opportunities available to homeowners that may lessen the negative financial impact of foreclosure and to find the best solution for your unique situation.
Original Content By SMITH LIVING...™
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