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Short sale vs. foreclosure. Both a foreclosure and a short sale hurt your credit, but they’re not the same thing. Foreclosure is the process by which a lender repossesses a home from a 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 ...
A bargain and sale deed is especially used by local governments, fiduciaries such as executors, and in foreclosure sales by sheriffs and referees. [citation needed] The fact that it comes without any warranties from the government means that the new owner may not have a good title. [citation needed] If in fact, the city did not have a good ...
A short sale is another alternative you can ask for if you can’t make your mortgage payments. Like a deed in lieu of foreclosure, in a short sale, the homeowner and their lender come to an ...
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 ...
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