Short Sales & Foreclosures
A short sale transaction occurs when mortgage lenders allow the borrower to sell the house for less than the amount owed on the mortgage. The foreclosure process occurs when lenders/banks repossess the house, often against an owner's will. A Foreclosure will stay on your credit report for seven years.
The short sale process from the bank's end of things, once they receive the seller's package.
- Bob Gernandt