The Difference Between a Short Sale and a Foreclosure...
The foreclosure process begins when a borrower/owner defaults on mortgage payments and the lender repossesses the estate to recover the amount owed on the defaulted loan. Foreclosure is the termination of all rights of the homeowner covered by a mortgage and the estate becomes the absolute property of the lender.
For homeowners who can no longer afford to keep mortgage payments current, short sales are an alternative to foreclosure proceedings. When lenders agree to do a short sale in real estate, it means the lender is willing to allow the sale of the estate for less than the total amount due on the loan.
Contact Phillips Realtyto get a free report on the alternatives available to you to avoid the financial freefall that comes with foreclosure. As a Certified Distressed Properties Expert (CDPE), I can provide you with information describing several opportunities available to homeowners that may lessen the negative financial impact of foreclosure and to find the best solution for your unique situation.
Little River Contact Phillips Realty about Little River. The town of Little River, South Carolina is one of the oldest settlements along the coast. Known for its seafood, deep-sea & commercial fishing, charter boats, annual blue crab festival, and historic live oak trees, it is one of the last communities ...
Search MLS: Little River
Myrtle Beach Contact Phillips Realty about Myrtle Beach. Myrtle Beach is a world class resort with sixty miles of sandy white beaches dotted with golden sea oats along the gorgeous, blue Atlantic Ocean. With close to 14 Million people visiting Myrtle Beach and the Grand Strand each year, Myrtle Beach has e...
Search MLS: Myrtle Beach