Escrow & Title
What is a 'short sale' and how does it differ from a foreclosure in Nevada?
AThey are legally identical processes
BA short sale is a voluntary sale of the property for less than the mortgage balance, with the lender's approval; a foreclosure is an involuntary legal process where the lender takes the property✓ Correct
CA short sale takes longer than a foreclosure in Nevada
DA foreclosure requires the owner's consent; a short sale does not
Explanation
In a short sale, the lender agrees to accept less than the full mortgage balance as payment in full. This is voluntary on the owner's part (with lender approval) and avoids formal foreclosure proceedings. A foreclosure is involuntary and results in a public trustee's sale.
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