Minneapolis – St. Paul Real Estate Information
What’s the difference between a Short Sale and a Foreclosure?
A Short Sale is when the homeowner owes more than the property is worth, and cannot pay back the difference. They are short of full payoff. Here’s an example: Let’s say the homeowner buys a house for $200,000, with a primary mortgage of $160,000, and [...]
Posted on July 2nd, 2008 by Steve Hong
Filed under: Buyers, Foreclosures | No Comments »
In the Minneapolis / St. Paul and suburbs, the typical process for a foreclosure goes something like this. Upon missing the first mortgage payment, the bank sends a nice, friendly letter reminding them of a missed payment. After another one or two missed payments, the letters get a little less friendly. After 4 or 5 [...]
Posted on June 27th, 2008 by Steve Hong
Filed under: Buyers, Foreclosures | No Comments »
Minneapolis, MN