Foreclosures and Short Sales
A foreclosure occurs when a lender exercises their right to evict the homeowner and take possession of the property. When a homeowner misses payments, their ownership rights to the property are jeopardized. At a particular point in the process, the lender can exercise their right to take physical possession of the property and the homeowner forfeits all of their rights.
A short sale occurs when the homeowner can no longer afford the payments but is challenged to sell the property as it is worth less than the current loan balance. With the lender's permission, the homeowner may attempt to sell the property for less than the balance they owe.
These events can present both opportunities and challenges for the current homeowner as well as potential buyers. Depending upon where in the process we are, whether pre-foreclosure, auction or already bank owned, we can determine what steps are right for you.
As a certified Short Sale and Foreclosure Resource, whether you are a buyer looking for opportunities or a seller in need of assistance, Anna Mendez is able to help you succeed in this process.