Foreclosure or Short Sale?

We do short sales and stop foreclosure in Maryland, Virginia, and Washington D.C. I’m often asked, “What’s the difference between a foreclosure and a short sale?” A foreclosure is the process of a bank taking a home back as collateral. Foreclosure is actually a process. After the bank takes the home it becomes bank owned, Real Estate Owned, or REO.

When a bank forecloses, the property becomes an REO in the liability section of their balance sheet – this is not good for the bank. So banks, in most cases they do not want to foreclose down your home.

A short sale is when you are upside down on your mortgage, you have a valid financial hardship and you need to sell. It is a negotiation with the bank, to get hem to forgive some or all of the deficiency. In many cases, they forgive all of what you owe, in some cases, they forgive some of it. Either way in most cases you will be better off than if the bank were to foreclose on you.

If you have questions call me at 855-835-5473 ext 2 or complete the form on the web page or get in touch with me at Dan@GreetingVirginia.com. We help people stop foreclosure in Virginia, Maryland, and Washington DC. Thanks!