Category Archives: Shortsales, Foreclosures, & REO

Foreclosures, Shortsales, Bank-Owned Properties Explained

Foreclosure is the process by which a homeowner’s rights to a property are forfeited because of failure to pay the mortgage.  If the owner cannot pay off the outstanding debt or sell it via short sale, the property then goes to a foreclosure auction. A short sale is a sale of real estate in which the proceeds from selling…
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