Foreclosure and Short Sale Information

Foreclosure Information

Definition of Foreclosure: A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the note or default of other terms (covenants) in the Deed of Trust. The foreclosure procedure brings the rights of all parties to a conclusion and passes the title of the encumbered property to either the holder of the Note (beneficiary) or a third party who may purchase the property at a Trustee's Sale free of all encumbrances affecting the property subsequent to the mortgage.

Foreclosure Timeline (trustee's worksheet)

Short Sale Information

Definition of Short Sale:If the borrower is unable to pay their mortgage, he/she may negotiate with the lender to accept a discounted payoff on the loan. This is called a “short sale” or “short payoff”. A short sale occurs when the value of the property is less than the amount owed to the lender, and the lender agrees to write off the difference. It allows the borrower to avoid a foreclosure action, and may offer the lender an expedited and less costly resolution to the situation.

If you would prefer to spend your time developing client relationships and avoid the frustrations of trying to work with lenders that seem indifferent to the billions of dollars being lost on distressed Real Estate, we have a solution.

Northern Nevada Title Short Sale Coordination services will handle all the heavy lifting with the lenders on your Short Sale transactions so you are free to do what you do best - work with people. We take the file from the time you have an acceptable offer or listing.

Outline for Processing