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Wilton, CT Short Sales or foreclosure - How do they differ
Wilton, CT Short Sales vs. Foreclosure
A short sale in Wilton, CT means the bank has agreed to accept less than the total amount owed on a mortgage.  This process avoids a foreclosure.
Must haves for a short sale:
You must have a "hardship."  Call your bank and find out what is their process. There will be a ton of paper work!  Bankstatements, tax returns, proof of hardship, paystubs, etc. Ask the bank for a deficiency waiver- the difference between what you owe on your mortgage and the short sale amount is the deficiency. You will need a listing agent from Wilton, CT  
 The difference between what you owe on the mortgage and the short sale amount is the deficiency.
 
A deed in lieu of foreclosure may release you from the obligation to repay your primary mortgage and may help you avoid a foreclosure sale, even if the foreclosure process has already started.
 
A foreclosure happens when the homeowner has to forfeit their rights to a property in Wilton, CT  because they cannot pay the mortgage.  When the owner cannot pay their debt on the house or sell via a short sale, the property goes to a foreclosure auction.
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