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Are you in a Financial Stress?

Short Sale

  • Short sales are voluntary and require approval from the lender.

Foreclosure

  • Foreclosures are involuntary, where the lender takes legal action to take control of and sell the property.

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Short Sale vs Foreclosure

Short Sale

The mortgage holder's lender must approve the choice to carry out a short sale before the short sale procedure can start. In addition, proof that a short sale makes sense is required by the lender—typically a bank. That's because there's a potential the lending institution could suffer a significant financial loss as a result.

If a short sale is permitted, the buyer first bargains with the homeowner before requesting bank permission for the acquisition. It's crucial to remember that lenders must approve all short sales before they can take place. The lender receives the sale profits after the short sale is authorized and completed. The homeowner is still responsible for paying the deficit, or whatever is still owed on the loan.

Foreclosure

Unlike a short sale, foreclosures are initiated only by lenders. Mortgagors who fall behind on their payments—anywhere from three to six months—may be subject to foreclosure by their lenders unless they bring their loans up to date. Foreclosure proceedings vary by state including what types of notifications the lender must provide, as well as what options the homeowner has to bring the loan up to date. Laws also stipulate how long a bank has to sell the property. The lender initially takes legal action to take control of the property to force the sale of the home. By doing so, the lender moves against delinquent borrowers, hoping to make good on its initial investment of the mortgage. Also, unlike most short sales, many foreclosures take place when the homeowner has abandoned the home. If the occupants have not yet left the home, they are evicted by the lender in the foreclosure process.

Once the lender has access to the home, it orders its own appraisal and proceeds with the sale of the home. Foreclosures do not normally take as long to complete as a short sale, because the lender is concerned with liquidating the asset quickly. Foreclosed homes may also be auctioned off at trustee sales, where buyers bid on homes in a public process.

Short sales don't damage a person's credit rating, while foreclosures can stay on a person's credit report for seven years.

Short sales allow people to repurchase another home, while foreclosures affect a borrower's credit score

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