Mark Lentz Real estate serving Tamarac FL
  1. Mark Lentz
  2. Complete Real Estate Options
  3. Guiding You Through The Real Estate Maze
  4. Office: 954.300.5633
  5. marklentz@completereo.net

What Is The Difference Between A Foreclosure And A Short Sale?

 

A “Foreclosure” is where the lender that holds a mortgage on your property who you stopped paying the agreed upon monthly installments files a “Lis Pendens” (lawsuit) against you to recover the principle balance, past due interest, and attorney fees they are owed.

 

A “Short Sale” is a sale where the lender has agreed to the sale of the collateral that you have put up to secure a loan for less than what the principle balance of the loan is. 

 

Understand, both will negatively affect your credit and both will affect the ability to purchase a property in the future; but not in the same way.

 

Complete Real Estate Options Staff can explain in detail the differences are between a Short Sale and a Foreclosure.

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