Short Sales vs Foreclosure - What's the Difference?

If you get behind on your mortgage payments or if your home is worth less than the amount owed on the mortgage, you have two primary options: a short sale or a foreclosure.

A short sale is when a homeowner wants to or has to sell their house and the amount owed on their mortgages is more than what the property is worth after costs to sell. This is a voluntary process, but needs to be approved by the lender.

When a homeowner is 31 days in default, mortgages can begin foreclosure proceedings. Homeowners typically have 30 days to make payment arrangements, otherwise the foreclosure process begins.

Wendy Haisley from Markve & Zweifel, PLLC is our go-to resource when it comes to short sales and foreclosures. If you need advice, or guidance, please don’t hesitate to reach out to our team so we can help point you in the right direction in who to talk to.