Short Sale VS. Foreclosure

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Homeowners would never want to see their Portland Oregon real estate reach foreclosure. However, if for some reason, you have had trouble making your loan payments, are in default, and are afraid that foreclosure is just around the corner, you might want to consider having a Portland short sale. With a short sale you may prevent a foreclosure from taking place.

A short sale is a good way to prevent losing your Portland, Oregon real estate to foreclosure. Depending on the loan that you have and the financial institution serving as your mortgagee, a short sale could very well be the answer to your Portland foreclosure woes. In a short sale the bank or lending institution agrees to receive less than the total loan amount for the property. During a short sale, the property still belongs to the homeowner and is not yet in the hands of the bank or lienholder. This is perhaps the main difference between a short sale and foreclosure, and is also one of the advantages.

If the lender does not approve the short sale of your property, chances are your home will end up going through the foreclosure process. Once the Portland, Oregon real estate is in foreclosure the homeowner is no longer involved with the sale of the property. At this stage the lender takes possession of the home and an auction is held (also known as a Trustee Sale) to sell off the property.

Oregon Home Savers,LLC is a professional loss mitigation company that can assist you with the ins and outs of a short sale and help prevent your home from being foreclosed.

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