Unless you are facing the potential of defaulting on your mortgage and facing foreclosure, the terms short sale, foreclosure and deficiency judgment may simply be terms you are hearing more and more from the media.
If you live in the Philadelphia region or in and around Wilmington, Delaware, then you may be hearing these terms more frequently as the number of home owners defaulting on their mortgage has been increasing the last six months.
What is the difference between a short sale and a forelcosure?
A foreclosure is when a homeowner defaults on their mortgage and the bank sues to take it back and resell it. The bank's goal is make as much money as possible to pay down what is owed on the mortgage. The homeowner's credit profile can be impacted negatively for quite a while.
More recently there has been a big push in the market for short sales. This is when the bank allows the homeowner to stay in their home while it is being sold, working to get the highest and best offer. The bank agrees to accept less than what is owed on the property. For the homeowner, there can be obligations, or a deficiency judgement to deal with.
That's one of the areas in which we specialize - the entire short sale process. If you'd like more information or a private consultation call me on my cell 610-764-3062 or email jroosevelt@kw.com.
Go to our website for a step-by-step explanation of how the short sale process works. SOLD BYSHORTSALE.COM
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