National Real Estate Solutions is a Southern California business company specializing in assisting home owners that are facing difficulties maintaining financial obligations on their properties in all 50 states.
Short Sale in Real Estate? 
In real estate, a '''short sale''' is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. In short; A '''short sale''' is nothing more than negotiating with lien holders a '''payoff''' for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.

Glossary

Bankruptcy: A legal alternative that allows the borrower to clear any debt obligations by restructuring the payment terms. A bankruptcy stops the foreclosure process until the bankruptcy process is completed or the court allows the lender to resume the foreclosure.
 
Broker Price Opinion (BPO): (Also called comparative market analysis), An estimate of probable selling price of a residential property based on selling prices of comparable properties in the area or a drive-by inspection.

Deed in Lieu:
Voluntary conveyance of title in exchange for a discharge of debt.
The house must be free of other liens and must have clear title.

Deed of Trust:
A legal document that dictates the terms of a loan used to buy a property and transfers the ownership of the  property to a third party called a trustee until the loan has been paid in full.

Default:
occurs when the borrower does not meet its legal obligations according to the loan terms

Forbearance:
Under forbearance agreement, the lender agrees to stop the foreclosure process and determines payment terms that in certain time will bring the borrower current.

Foreclosure:
A process that enables a lender to recover the amount owed on a defaulted loan. The lender has the option of selling the property or repossessing the property. The beginning of a foreclosure process is initiated when a borrower defaults on mortgage payments. The lender then files a Notice of Default or Lis Pendens.

Lien:
A legal claim on a property by a lender, or other entity, (called the lien holder) against the property owner that owes the money.

Modification:
A lender agrees to modify any or some of the terms of the mortgage. This is a process where an existing note is modified, but not cancelled. Changes may include: extend the term of the loan, change the monthly payments, change the interest rate, etc.

Notice of Default (NOD):
A publicly recorded notice that a property owner is behind scheduled loan payments for a loan secured by a property. This process is required in few states to begin the foreclosure process if a borrower is in default.

REO (Real Estate Owned):
A status that indicates that the property is owned by the lender or bank as a result of a foreclosure.

Short Sale:
(Also called "Short Pay" or "Pay Off") A process in which a lender agrees to receive a lower amount of an owed debt in exchange for the sale of the property to a third party.

 
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National Real Estate Solutions is a Southern California business company specializing in assisting home owners that are facing difficulties maintaining financial obligations on their properties in all 50 states
Short Sale in Real Estate? 
In real estate, a '''short sale''' is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. In short; A '''short sale''' is nothing more than negotiating with lien holders a '''payoff''' for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.
 
The short sale of real estate is a smart practice in today's real estate market buble burst, and sometimes the only alternative to foreclosure or even bankruptcy. The short sale transaction is a negotiation Lenders the property owners and the realtors. Everyone is motivated to make the short sale possible, by making offers to for a number of good reasons. The short sale of your home can result in a win-win-win situation for everyone involved and make can even save your credit if you want to buy a house in the near future.
National Real Estate Solutions is a Southern California business company specializing in assisting home owners that are facing difficulties maintaining financial obligations on their properties in all 50 states
Short Sale in Real Estate? 
In real estate, a '''short sale''' is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. In short; A '''short sale''' is nothing more than negotiating with lien holders a '''payoff''' for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.
The short sale of real estate is a smart practice in today's real estate market buble burst, and sometimes the only alternative to foreclosure or even bankruptcy. The short sale transaction is a negotiation Lenders the property owners and the realtors. Everyone is motivated to make the short sale possible, by making offers to for a number of good reasons. The short sale of your home can result in a win-win-win situation for everyone involved and make can even save your credit if you want to buy a house in the near future.
National Real Estate Solutions is a Southern California business company specializing in assisting home owners that are facing difficulties maintaining financial obligations on their properties in all 50 states
Short Sale in Real Estate? 
In real estate, a '''short sale''' is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. In short; A '''short sale''' is nothing more than negotiating with lien holders a '''payoff''' for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.

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