A short sale occurs when a current homeowner is in foreclosure by his/her mortgage company and the homeowner/seller asks the lender(s) to accept less money than is owed on the loan(s) in order to facilitate a sale of the house. This approach is used instead of going into foreclosure and is sometimes referred to as the pre-foreclosure sale.
Archive for January, 2008
What is a Short Sale?
Posted by mattputnick on January 1, 2008
Posted in Notice of Default, Short Sale | Tagged: Chicago, Mortgage Payments, Notice of Default, Pre Foreclosure, Short Sale | Leave a Comment »
