What are some of the distinctions between short sales and pre-foreclosures?
A homeowner is frequently given the option of going through pre foreclosure attorney in Fontana or selling their home short. Pre-foreclosure is not the same as a short sale. The status of an account is pre-foreclosure. You are in pre-foreclosure if you are behind on your mortgage payments and the lender has started but not completed the foreclosure procedure. A short sale occurs when a lender agrees to accept less than the full amount due on a property as payment. It is helpful to evaluate the different aspects of each to determine which one would be most advantageous. Short sales have the following characteristics: • The homeowner conducts the sale and retains control of the property and the process until the sale is completed • Short sales typically result in a higher overall credit score than foreclosure • The home is sold through the normal public real estate market • Short sales can be difficult to come by—they may not always be available undesirably ...