Short Sales

For a lot of individuals, foreclosure is a dirty word that has negative connotations. But there are times when a foreclosure is the only option for certain situations. I don’t think anyone buys a home with the intention of ending up in foreclosure but life is unpredictable and unexpected things can happen. Causes which can lead to foreclosure of...

Bankruptcy

===== Bankruptcy is a legal status of a person or organization that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankruptcy is not the only legal status that an insolvent person or organization may have, and the term bankruptcy is therefore not a synonym for insolvency....

Loan Modifications

Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e. mortgagor and mortgagee). In general, any loan can be modified. In the normal progression of a mortgage, payments of interest and principal are made until the mortgage is paid in full (or paid off)....

Foreclosure

Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower (mortgagor)’s...