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?