Wilton, CT Short Sales or foreclosure - How do they differ

By
Real Estate Broker/Owner with Dagny's Real Estate

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.

If the property does not sell at auction it becomes the property of the lending institution.

 

Wilton, CT Short Sales vs. Foreclosure- How are they different?

 

 

 

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Topic:
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Connecticut Fairfield County Wilton
Groups:
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Tags:
wilton
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short sale
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dagnys real estate

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Rainmaker
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Christi Farrington
Dagny's Real Estate - Wilton, CT
~ Your representative in Fairfield County, CT

Hi Dagny - all great information; never can have too much of that!!  Thank you!

Apr 03, 2014 05:34 AM #1
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Dagny excellent job on hitting the highlights of a Short Sale and Foreclosure.

Apr 03, 2014 10:12 AM #2
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1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Dagny,

Many need to read this and think abou it before making decisions to "let it go back".

Apr 03, 2014 10:51 AM #3
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Dagny, great explanation of these two real estate terms, and so many homeowners do not know the difference.

Apr 04, 2014 11:17 PM #4
Rainer
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Rick Cignoli
Norcom Mortgage NMLS# 71655 Equal Housing Lender - Avon, CT
Sr. Mortgage Loan Officer

Short and sweet Dagny. Thanks for the clarification all in one place

Apr 23, 2014 09:11 AM #5
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Dagny Eason

Fairfield County CT, CDPE Homes For Sale and Condo
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