Foreclosure / Loan Modification
What is Foreclosure?
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan.
What is Pre-Foreclosure?
Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright.
What is Loan Modification?
When the bank adjusts loan payments so they are more affordable for borrowers. They may change interest rates, loan terms, loan balances, or other parts of the loan agreement.
What is a Short Sale?
A sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.[1] It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor.
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