Foreclosure is process by which a homeowner who has not made timely payments of interest and principal on a mortgage loses the title to the home. A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property. The bank may agree to sell your home for less than is owed.

Posted on Wednesday, April 15th, 2009 at 3:04 pm and is filed under Questions and Answers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.