Mewborn Team Real Estate Consultants: CoastalLuxurySanDiego.com

June 24th, 2009

Carlsbad FAQ – What’s The Difference Between a Short Sale and a Foreclosure?

Categories: Foreclosure Prevention, Real Estate FAQ, Sellers

Short sale – the sale of a property for less than is owed to the lender. The lender must agree to take less for the property. The current owner is involved in the sale of the property.
Foreclosure – legal proceedings by a lender to take a property back from a borrower after the home is in default (after at least one missed payment). In CA, most lenders do not start foreclosure proceedings until at least three missed payments. Once foreclosure proceedings have started, the lender is the only one able to sell the property.
If you have any real estate questions you would like answered or there is anything we can do to help you avoid a foreclosure, please contact us below.

Tags: Carlsbad Foreclosure, Carlsbad Short Sale, La Costa Foreclosure, La Costa Short Sale

Posted by Mike and Amy Mewborn//