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A short sale is when a mortgage lender agrees to allow a homeowner to sell their home for less than what they owe on the mortgage. A short sale can help you get out of an underwater situation, but ...
6. Short sale. A short sale happens when the lender allows you to sell the house for less than the outstanding loan amount, takes the proceeds and forgives any remaining debt. A short sale could ...
Yes, you may qualify for a mortgage after a short sale, depending on the loan program you select. FHA loans are worth considering for credit-challenged borrowers once the three-year waiting period ...
Deed in lieu of foreclosure. A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower ...
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. [ 1][ 2] Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower ...
Strict foreclosure in the law of security interests in the United States, is the foreclosure of personal property that is subject to such an interest. This is permitted under Article 9 of the Uniform Commercial Code. [1] The secured party in a strict foreclosure takes physical possession of collateral, and the debt for which the property served ...
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