Foreclosure

A lienholder or mortgagee can terminate a mortgagor's equitable right of redemption by way of a foreclosure. This process is brought through a court action. Through foreclosure, the lender or lein holder seeks to take legal and equitable title for property. Additionally, overdue taxes, overdue HOA dues, assessments and overdue contractor's bills can also be foreclosed on by the lien holder(s).
In reference to mortgages for residential property, the foreclosure process is brought about as the result of an owner failing to comply with the agreement made between a lender and a borrower known as the mortgage. Usually default in payment of the mortgage which is secured by a lien on the property, is the cause for foreclosure. Once foreclosure is complete, the property is sold by the lender and the monies from the sale goes toward the mortgage and any legal costs. Foreclosure can be a rapid or lengthy process. Additionally, there are varying processes to this procedure.
One way prospective buyers can purchase foreclosed properties is through real estate firms. A Grade Above and its agents are here to assist buyers in their pursuit of these properties.
If you are researching foreclosed properties, please visit the MLS (Multiple Listing Service) search here.
A Grade Above and its agents are ready to assist you in finding the best home for you in Brunswick County, NC.
Reference: Wikipedia - Foreclosure

Short Sale

Short sale is a process by which a borrower works with the lender, and vice versa, in order to forego a foreclosure. Lenders may agree to accept less monies than the actual lien amount. The borrower has the burden of proof in proving that they are unable to repay the debt (mortgage). Typically, it is required to show economic and/or financial hardships as to why the borrower can not fulfill the agreement of repayment of the mortgage.
If you are researching short sale properties, please visit the MLS (Multiple Listing Service) search here.
A Grade Above and its agents are ready to assist you in finding the best home for you in Brunswick County, NC.
Reference: Wikipedia - Short Sale