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6. Short sale. A short sale happens when the lender allows you to sell the house for less than the outstanding loan amount, takes the proceeds and forgives any remaining debt. A short sale could ...
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
Short sale vs. foreclosure. Both a foreclosure and a short sale hurt your credit, but they’re not the same thing. Foreclosure is the process by which a lender repossesses a home from a borrower ...
If the homeowner and the real estate agent agree that a short sale is the best option, the real estate agent can help contact the lender. Contact a Lender’s Loss Mitigation Department
The process—usually achieved with a combination of intimidation, threats, and physical force—effectively circumvents foreclosure by forcing the lender to relinquish the property without an opportunity to recuperate the balance of the loan. The term arose during the foreclosure of farms during the Great Depression in the United States.
If homes are vacant or families want to move, AHP offers deficiency waivers and incentive payments to cooperate with short sales in order to put the homes back into service. Founded in 2008 as a 501c nonprofit in Cincinnati, Ohio, AHP pioneered the short sale leaseback as a foreclosure prevention operation to assist struggling homeowners.
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