What is a Short Sale?
A short sale is a real estate transaction where the bank will accept less than what is owed to them when a home is sold. Watch this video for more information about Short Sales.
Deficiency Judgment Explained
Deficiency Judgement occurs when your foreclosure sales price is less than the amount owed on your mortgage.
Mortgage Modification Explained
A mortgage modification occurs when a mortgage is modified outside the original terms of the contract. This can be a great option to avoid foreclosure.
What Happens in a Foreclosure
A foreclosure is when a lender takes possession of a property it has mortgaged due to non-payment.
Redemption Period Explained
The redemption period is the time after a foreclosure in which a homeowner has the right to regain ownership of a property once they meet their financial obligation to the lender.
What it Means to Be "Upside Down" on Your Mortgage
Upside down refers to loans and borrowers with negative equity.
Negative Equity Explained
Negative Equity is when the amount owed on a mortgage is more than the value of the property.
Mortgage Delinquency Explained
Mortgage delinquency occurs when a borrower misses a mortgage payment.
Bankruptcy is a legal status pertaining to a person or entity that is unable to repay their creditor debts.
Arm's Length Transaction Explained
When the buyer and seller have no relationship to each other, it’s an arms length transaction. This ensures that each party is acting for their own self interest.
Short Sale vs. Foreclosure
In a foreclosure, the lender takes ownership of the property. In a short sale, the lender allows the owner to sell the property for less than what is owed.
Anatomy of a Bad Month and a Lost Property
A real life example to illustrate how a bad month can lead to losing ownership.