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Ask The Realtor by Jackie Stewart, Land and Rural Property Specialist.
What is a FORECLOSURE?   A FORECLOSURE is a proceeding in or out of court, to extinguish all rights, title and interest of the owner(s) of property in order to sell the property to staisfy a lien against it.
What is a FORECLOSURE SALE?  This is the sale of property used as security for a debt, to satisfy said debt.
What is a SHORT SALE?  This is the sale of property which includes some forgiveness of debt by the lender under a mortgage.  The amount of debt forgiven may be considered income to the seller and taxable. 
If you have Real Estate questions, concerns or would like more information on homes, land, farms or acreage in Ashtabula, Lake or Geauga County--
http://www.NortheasternOhioProperty.com
Lets Discuss Your Options.
Jackie Stewart, Realtor in Ashtabula, Lake and Geauga County.  Earning Your Trust by Doing What's Right, Not What's Easy!!
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