First, understand one thing. Every state is different. Some states have court involvement in foreclosure and other states don’t involve the courts. The first is called judicial foreclosure; the second is called non-judicial foreclosure. Where your house is located makes the difference. And every state [...]

A “short sale” occurs when a property is sold for less than the amount owed by the borrower. A short sale can only occur with the lender’s approval. A short sale typically gets approval before a foreclosure if the lender thinks it will save money by agreeing to the short sale [...]

It depends. Sometimes, the mortgage company is willing to work with a homeowner going into foreclosure. The costs of a foreclosure to the mortgage company are high–whether it is a judicial foreclosure (needing a court to order the foreclosure to happen) or a non-judicial foreclosure (no court is involved), the costs of [...]