Don't go into foreclosure, contact us NOW! Skyward Realty cares about getting you into a place that you are comfortable. We work with individuals who might be behind on their mortgage payments, have their heads underwater or maybe both. Whatever your case might be, we are here to help you!
WHat's a short sale?
A Short Sale is when a borrower becomes financially distressed and need to sell their home fast. The house is bought by a lender, or any third party that is not the bank, and all the proceeds go to that third party member. The lender either forgives the difference or gets a deficiency judgement against the borrower which would require them to pay the third party back.
For the seller, the financial consequences of a short sale are much less severe than those of a foreclosure.
short sale vs foreclosure
A foreclosure is the act of the lender taking back the house after the borrower fails to make their mortgage payments or they have their house underwater. This is usually the last option since the home is often used as collateral on the note. This process usually goes by much faster than short sales.