Are short sales and foreclosures the same?

4 Replies

@Wayne Brooks it says this "A short sale happens when a homeowner owes more on the mortgage balance than the market value or sale" does it mean if I buy a 100k house then it goes down in value and it becomes a 50k house now. Does the house become a short sale even though and im not selling it?

A short sale is when someone Sells their property for less than the mtg, with the bank’s approval.....a long process, difficult to maneuver, lots of moving parts.