Major difference between short sale and a foreclosure

Can anybody tell me what is the major difference between short sale and a foreclosure? I want some information on it.

3 Answers

You may check out this page to know more about the differences:”

In case of foreclosure, its not always that the property is auctioned off by the lender. Rather, the property is taken over by the lender and the borrower is no longer part of the sale process if the property is ever put up for auction.

There is a big difference between short sale and foreclosure. In a foreclosure, your house is sold by the lender at the sheriff's sale. In short sale, you sell your home a price less than the original debt amount.

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