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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 ...
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 ...
A foreclosure occurs when a lender takes control over a property from a borrower for failing to make timely payments. A foreclosure can damage your credit score and result in loss of property. As ...
Private electronic market. Software. v. t. e. 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. [1] [2]
A short refinance is a United States mortgage refinancing where a lender agrees to refinance a borrower 's home for the current market value to avoid foreclosure. The lender agrees to replace the current loan with a new one, and pays off the difference. This new loan typically has a lower balance, and borrowers typically receive a new interest ...
Real estate owned. Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender —typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1] A foreclosing beneficiary will typically set the opening bid at such an auction for at ...
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