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Short Sale and Foreclosure Resources

Interested In Available Short Sales, Foreclosure and other Distressed Properties?

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Some Statistics: According the national delinquency survey from the Mortgage Bankers Association (MBA), the percentage of mortgage defaults and loans in foreclosure for the first quarter of 2009 was 12%.

1.9 million foreclosure filings were recorded in the first six months of 2009.

A National Association of Realtors (NAR) member survey shows that short sales and foreclosed properties accounted for a third of the existing-home sales in July 2009.

Short Sale Defined: A short sale is a situation in which the seller owes more money on the loan (and any other liens on the property) than the sale of the property will likely produce and the seller is unable to pay the difference at closing. In a short sale, the lender has not yet foreclosed on the property, which provides a window of opportunity for the owner to sell the property in order to at least partially satisfy the amount owed to the lender(s).

The Advantages of a Short Sale vs. Foreclosure: A short sale is considered preferable to a foreclosure because a short sale won’t damage the distressed owner’s credit as much as a foreclosure. If the borrower is still current with other payments, a short sale may lower the borrower’s credit score by as little as 50 points.

Deed in Lieu of Foreclosure Defined: A deed in lieu of foreclosure occurs when the borrower agrees to trade the property to the lender in exchange for the cancellation of the note. The lender will be able to take back the property much sooner than going through the foreclosure process, which lessens the probability of the property being in disrepair as well as eliminating the lenders costs to foreclose. Lender are typically less willing to consider a deed in lieu of foreclosure in declining markets.

Foreclosure Defined: Foreclosure is a legal process by which a defaulted borrower is deprived of his or her interest in the mortgaged property. The process begins with Pre-foreclosure, the period begging with the initial mortgage default up to when the distressed property is sold. The lender will then send an official Notice of Default (NOD) informing the borrower that he or she has defaulted on the mortgage. The NOD formally begins the foreclosure period. The NOD will also outline the reinstatement period. The reinstatement period is the time in which the borrower may reinstate the loan – making required payments and bringing the account into good standing. If, after receiving the NOD, the borrower does not reinstate the loan, a Notice of Sale is recorded. The property then goes to foreclosure and is auctioned to the highest bidder. Following the foreclosure sale there is a redemption period during which the owner has the right to redeem real estate typically by paying the sales price, interest and other costs associated with the foreclosure.

REO: An Acronym for real estate owned (aka bank owned), REO is the status of the property when the foreclosure sale is not successful and when ownership of the property is transferred involuntarily to the lender.

How can we help? Brokers at My Townhome Realty have undergone training and received certification to assist sellers and buyers with foreclosures and short sales. We can:

  • Assist owner in understanding various options to consider in the purchase or sale of distressed properties.
    • Refinance
    • Loan Modification
    • Short Sale
    • Deed in Lieu of Foreclosure
    • Foreclosure
  • Recommend qualified professionals to contact in regard to tax, finance and legal matters.
  • Utilize our preferred mortgage bankers to work with you on refinancing and purchase options.
  • Assist with the marketing and sale of short sale and foreclosure properties.

Contact our certified REALTORS at or call 704-927-4431.



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