The KCM blog publishes news and information daily about the real estate market. It’s a great source of what is the hot topic at the moment. In their blog today, they talk about the Short Sale versus Foreclosure. The information gives the consumer a better idea of what each of these processes entails.
KCM Blog: Short Sale vs. Foreclosure – 10 Common Myths Busted
It’s likely you’ve heard the term “short sale” thrown around quite a bit. But what, exactly, is a short sale?
A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property. This is not a new practice; banks have been doing short sales for years. Only recently, due to the current state of the housing market and economy, has this process become a part of the public consciousness. Click here to read the full article: Short Sale vs. Foreclosure – 10 Common Myths