What is a Short Sale? How is it Different from a Foreclosure?

short sale lawyer Long IslandEach year, hundreds of homeowners fall behind on their mortgage payments or own a home that is worth less than the outstanding balance on their mortgage. As a result, a homeowner in this circumstance may elect to sell their home in a short sale or let it go into foreclosure. Both financial options differ from one another in the timeline and potential ramifications. Continue reading “What is a Short Sale? How is it Different from a Foreclosure?”